Are my PC Specs good for gaming? (Can it run games like The Witcher 3: Wild Hunt)

Ok, so I put this together: http://pcpartpicker.com/p/ZL7HFT
As you can see it's going over your budget by quite abit but I thoroughly recommend this compared to cheaping out on other things e.g: power supply which you definitely don't want to do. an extra $78 dollars is nothing if your going to spend $800 dollars anyway so I think it's worth it. By the way, this build isn't the best either - you won't be overclocking with this motherboard and there is no aftermarket cooler which would mean hot temperatures. On top of this I selected an i5-4460 which doesn't allow overclocking. I also went with a H97 motherboard aswell which is cheaper, and searched for the cheapest 8GB Ram I could find. I really recommend a GTX 970 or R9 390 as your graphics card to matter what. The price/performance ratio of these cards make it really good for builds that are really tight budget. You could go for a 960 but in the long run an R9 390 would serve much better (price/performance) The HDD is only 750GB which isn't that good but you're on a tight budget so it's needed. The monitor is only 60Hz but as you're gonna be gaming at 60fps anyway I don't think it will make a difference. You can also get a cheaper case but this one is nice for the price, and it looks nice aswell. You can totally cheap out on the case and get an ugly one but its all up to you.

However, going for a really good BUDGET build, I put this together: http://pcpartpicker.com/p/GBrX7P
This is all really good for the price. But it's $1000. You can change out the parts you don't think you need as much for worse parts which will help reduce the price. But trust me - get a GTX 970 or R9 390 as a graphics card so I recommend not changing that. If you don't want to overclock then you can remove the Hyper 212 EVO Aftermarker Cooler, and get an i5-4460 rather than 4690k. But again, paying an extra $50 dollars is worth a solid processor and overclocking ability. You can get a worse case which will save you money.

If I were you, I would just save up $200 and get the budget build. It will help you in the future if you need to overclock, and will just run games at a higher frame rate.

So yeah, just change out the things you don't think you need as much, (e.g: getting a cheaper case) but make sure you check for compatibility issues, and problems like bottlenecking.

Hope I helped

EDIT: NEVER EVER CHEAP OUT ON PSU!