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In a summary of the agreement for House Republicans, the speaker, John A. Boehner, said: "Total reductions would be equally split between defense and nondefense programs.
Martin S. Feldstein's suggestion of limiting total reductions to 2 percent of adjusted gross income would help control our propensity for ever more tax deductions.
Adding $500 billion to the $450 billion already being cut would mean total reductions of $950 billion over the next decade, or about 15 percent.
On Tuesday UBS announced a $19 billion reduction in the book value of its assets because of the subprime mortgage crisis, bringing its total reductions, or write-downs, to nearly $40 billion.
Because the rules of debate required that any restorations in spending be offset with corresponding cuts elsewhere, the total reductions were certain to exceed the roughly $60 billion originally included in the spending measure by the House Appropriations Committee.
Some 10,000 securities industry workers could lose their jobs through 2012, bringing total reductions to 32,000 since January 2008, according to a report by the New York state comptroller.
Similar(43)
The North American cuts are part of the total reduction.
The total reduction in job from 2000 to 2014 is expected to be 122,000.
The cut would amount to a total reduction of £800m over four years.
For Citigroup, the move will allow it to eliminate about 5,600 jobs, bringing this year's total reduction to 19,000.
"Previously the contract cost £36 per month with a free handset, so the total reduction is around £139".
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