Now that he's cut $1 billion from federal spending, Finance Minister Jim Flaherty says he is setting his sights on further axing taxes. The minister wouldn't provide specifics yesterday, but said Canadians are overtaxed, despite recent measures to reduce that burden, including a one-percentage-point cut to the GST in July. Flaherty said any new tax cuts would be made within what he called prudent fiscal management. Earlier, there were some harsh words in the Commons as opposition parties railed over the federal spending cuts announced Monday by the Conservatives. Liberal Leader Bill Graham called the cuts mean-spirited and warned they would hurt the most vulnerable in Canada. But political observers said the outrage is probably confined to the usual Tory critics, adding that Conservative supporters will embrace the "fat trimming." Nearly every opposition question during question period yesterday dealt with the cuts.