Hmmm, I sure didn't know. I've never much liked the phrase as it I find it over-used.
However, with a little searching I found that it was first used in the literal sense in the 1920s to mean that the film editor cut incidental pieces out of a film so as to get to the chase scenes earlier. The cite I found (I will post it in links for linguaphiles) says it was used as a metaphor in the 1980s, and probably a lot sooner. I do think it was used a lot sooner than the 80s. Does anyone know?