On Sunday's This Week With Christiane Amanpour, White House economic adviser Austan Goolsbee responds to ABC's Jake Tapper's question about fat in the budget (spending discussion begins at 6:30) :
Tapper: Where specifically does President Obama want to cut spending? Where is there fat to cut from the budget?
Goolsbee: Well, as you know the President's going to release his budget. We are going to have to make in the immediate run a series of tough choices. And the President's not afraid to do that and I think you will see that in his budget.
Tapper: Give me one. One spending cut the President's willing to do.
Goolsbee: Well, last year you saw they put out $20 plus billion in terminations and reductions. The President obviously doesn't just get to dictate what those cuts would be, but you saw with the Joint Strike Fighter second engine and a series of other specific cuts.