According to Richard Cowan’s report, this agreement came during the first meeting between Obama and top lawmakers from both parties since the election.
Attendees included House Speaker John Boehner (R-Ohio), Senate Majority Leader Harry Reid (D-Nev.), Senate Minority Leader Mitch McConnell (R-Ky.) and House Minority Leader Nancy Pelosi (R-Calif.), Cowan reports.
Citing a Boehner aide, Cowan reports those spending cuts would cover entitlement programs including Medicare and Medicaid.
The Friday meeting represented the first time the president and the top legislators met in a room together and struck a similar chord, Cowan reports, and could also represent how future talks could go on averting the fiscal cliff.