You are told by your boss to cut your project budget estimate by 20% in order to get your project plan approved by senior management.

You are told by your boss to cut your project budget estimate by 20% in order to get your project plan approved by senior management. All other cost "cutting" strategies have been exhausted and you now feel that the current estimate is accurate for the work defined. What do you do? What if your boss says "just cut the budget and get the project done with the cut specified?" How would you handle this?