President Obama outlining $17 billion in budget cuts, this morning, calling for a new era of fiscal accountability as his administration fills out the details of his budget proposal.

"We can no longer afford to spend as if deficits do not matter and waste is not our problem," the President said, taking an implicit shot at his predecessor. "We can no longer afford to leave the hard choices for the next budget, the next administration--or the next generation."

Obama defended his cuts against Republican critics, who argue that $17 billion is just a drop in the bucket.

"That's a lot of money, even by Washington standards," Obama said.

The administration released the details of its budget today, outlining how much should be spent on specific programs. The full budget can be found here.

Obama pointed to a number of specific programs that will head to the chopping bock, including a Department of Education office in Paris, the National Literacy Institute, a new engine for the Joint Strike Fighter, and a long-range radio navigation system.

"This system once made a lot of sense, before there were satellites to help us navigate," the President said.

As Republican accuse the President of runaway spending, Obama replied that his administration will pare back on spending by the end of his first term.

"[B]y the end of my first term we will cut the deficit in half," he said. "Over the next decade we'll bring non-defense discretionary spending to its lowest level as a share of Gross Domestic Product since 1962."