Even the theory that the executive can just not spend money it finds wasteful doesn't extend to the executive being able to unilaterally reconfigure an in-kind assistance program into a refundable tax credit. Admittedly, an even bigger grab of dictatorial power is not out of character for this administration, though.

Oh, they couldn't reconfigure those programs by executive order. But they could reasonably be doing this to find ways to reduce the budget and then pass new legislation through Congress.