I haven't seen much mention of this, but it's worth noting as it was this weeks slime job against Kerry.
From the WaPo:
In terms of accuracy, the parry by the president is about half right. Bush is correct that Kerry on Sept. 29, 1995, proposed a five-year, $1.5 billion cut to the intelligence budget. But Bush appears to be wrong when he said the proposed Kerry cut -- about 1 percent of the overall intelligence budget for those years -- would have "gutted" intelligence. In fact, the Republican-led Congress that year approved legislation that resulted in $3.8 billion being cut over five years from the budget of the National Reconnaissance Office -- the same program Kerry said he was targeting.
We're told that Kerry's proposal was so irresponsible that no one would co-sponsor the bill.
It appears at the time that the repubs viewed it as fiscally irresponible, as they cut more than twice Kerry's proposed amount.
There's more there. Go read it for yourselves.