Obama's assertion that "I've offered spending cuts above and beyond" the expense of his promises is accepted only by his partisans. His vow to save money by "eliminating programs that don't work" masks his failure throughout the campaign to specify what those programs are—beyond the withdrawal of troops from Iraq. At the link below an Associated Press writer lists what voters heard in the ad, and what he didn't tell them.
The AP writer lists the Obama ‘spin’ followed by the facts.
Link

A picture of my cave

..
..