Probably somewhat. But the Department of Defense related funding, much of which is, arguably, the most wasteful, will, imo, not be significantly affected. This is good news for the scientists and bureaucrats involved, but maybe not such good news for the country, imo.
The biggest, most reasonably cuttable expenditures of the US government (eg., DoD funding, welfare for corporations and the very wealthy) will, imo, probably not be significantly touched. Instead, I predict, a propaganda campaign against government aid to the needy will be mounted, and will result in cuts in medicare, medicaid, social security, and financial, food and housing aid to the poor.
The Obama regime is a pretty conservative one, imo. I don't see it deviating much from traditional conservative actions. In other words, Obama is not about what his rhetoric is intended to lead one to believe he's about ... imho.
Is this a bad thing or a good thing? Imo, it's essentially a good thing. The status quo, and thus a certain predictable stability, will be maintained.