Very admirable, and long over-due. But one hopes that this isn't political maneuvering and cutting for cutting's sake, but rather a start to a serious move toward re-organizing the federal government.
Such reorganization can never occur without completely dismantling and re-birthing the legislative branch. Until that time, corporatism, our limited 2-party system mechanisms of legislation, ridiculous House and Senate 'rules' ... will continue to usher in the further decline of our country.
Of course, as I've mentioned before, since Obama has to get the legislative branch's 'approval' first, such steps are unlikely to ever happen, and certainly not in my lifetime.