The new budget system is quite strange. For example with Valencia I was shocked to see that my transfer budget for choosing "title challenger" was only 900k. However upon choosing budget readjustment I noticed there was ample reserve wag budget and was able to get my transfer kitty up to 13mil for sacrificing about 80k in the wages.
In general I think you can get more transfer money with most clubs in 08 than you could in 07. The budget adjustment and objective systems are great additions to the game.