The remaining 23 billion euros is to be raised through reductions in banks' risk-weighted assets.
And both sides discussed how to deploy the relief, including through reductions in mortgage balances.
Lenders must then be induced to provide additional credit through reductions in the real interest rate.
The suggestion by Alan Greenspan, the Federal Reserve chairman, that the federal deficit should be reined in through reductions in domestic spending, including Social Security, is outrageous.
"I know it is tough to have to manage through reductions," Mr. Moynihan wrote in a memo to the company's senior leadership late Thursday that outlined the cuts.
Many experts estimate the cost of such a transition at nearly $1 trillion and say those funds would have to be accounted for through reductions in guaranteed benefits or a temporary infusion of cash into the trust fund.
His advisers suggested that he could make a point about political reform and offered him a plan to "ask Congress to fund as much of your original request as possible through reductions in agriculture subsidies".
Both Mr. Obama, of Illinois, and his Republican rival, Senator John McCain of Arizona, agree that significant sums could be saved through reductions in unneeded procedures and improvements in electronic record-keeping, prevention and chronic disease management.
Where I take issue with your premise, we did get more money into the health service before the last election, we did it then through reductions in unemployment and reductions in interest payments on the debt.
The first was the Cutters, who thought that the state's budget woes should be solved solely through reductions in spending; these were the hardest of the hard-liners, and their position did not get much consideration.
MPs have said the government is misleading the public over the "incorrect" figure, saying it is only being achieved through reductions in other areas of health spending outside of NHS England's budget, such as public health and investment in training.
