Porkbusters: first results?

The one area in which the Bush administration's record has been dismal is spending (also see here). But do we see light at the end of the tunnel? John Snow, the US Treasury secretary, has been interviewed by the Financial Times and his statements give some hope:

The Bush administration's highest economic priority for its remaining three years is to control the growth of federal spending and bring down the US budget deficit, John Snow, US Treasury secretary, said.
"The clear priority of the administration right now is the deficit, making sure that we achieve the president's objective of cutting the deficit in half by the time he leaves office," he said in an interview with the Financial Times. This would put the deficit below 2 per cent of gross domestic product, low by historical standards.

The complete transcript can be found here. The upside is that he categorically rules out tax increases, which means the Bush administration intends to cut spending quite drastically. For the time being color me skeptical, but I'll be overjoyed if that is indeed what they intend to do. Could it be that the grassroots Porkbusters effort is starting to be noticed on high? Hope springs eternal.

Post Scriptum:
Welcome Instapundit readers! Please take a look around.