2 schools of thought:
1. Starve the fat (basically eat less than you spend) Not good since you will starve also the muscle
2. Burn the fat (exercise, diet and cardio). Good for burning the fat, but impossible to build muscle.
I am of the old school of thought. Do as minimum cardio as necessary to keep your hear healthy and let the diet and the training burn the fat. The routine looks good. I would just modifiy it for the 1st exercise of the day be a heavy compound move. Use it to maintain your strenght. The rest do them in circuit style or in superset style. Think pump and no rest between exercises. Or take enough rest to catch your breath but do not stop moving, even if you have to walk back and forth between exercises to catch your breath.
Use also morning running for 30 min and you will be happy with your results. If you are taking the gear the muscle loss will be minimum.
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