Barack Obama, on October 15, 2008:

But there is no doubt that we’ve been living beyond our means and we’re going to have to make some adjustments.
Now, what I’ve done throughout this campaign is to propose a net spending cut.

The Washington Post, today:

President Obama plans to convene his Cabinet for the first time today, where he will order members to identify a combined $100 million in budget cuts over the next 90 days, according to a senior administration official.
Earlier this month, both chambers of Congress passed Obama’s $3.5 trillion budget outline for 2010, which includes unprecedented new investments in health care, education and energy. But the huge budget, which contemplates a $1.2 trillion deficit, has drawn the ire of small-government conservatives who say that the deficits jeopardize the nation’s economic future.

Keep cutting, Mr. President. Until we see that net spending cut, the fact remains . . . all statements from Barack Obama come with an expiration date. All of them.

UPDATE: A reader points to the Post’s calculation that the cut represents approximately .00003 percent of Obama’s budget plan.