"Do not go over the budget!" My boss keeps telling me.

The Sitch
General information of the situation

The Sitch

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What's the Situation?
"Do not go over the budget. We can't afford it." says my boss. I've just been promoted and I need this project to succeed. But we're experiencing deliverable delays and additional costs. How can I manage this better?
What's the biggest challenge?
I'm new at this position, handling a new team. I don't want to fail my boss' expectations.
What's the objective?
Whether or not you're in this situation, put yourself in my place and share how you would resolve this problem.
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Ray Jimenez    
May 29, 2018