Also, a budget plan for the remainder of the current 2011 fiscal year would trim $60 billion -- down from the $100 billion Republicans originally wanted to trim.

The cuts follow election promises by Republicans to cut spending -- except for defense, veterans and national security -- to 2008 levels to curb the $1.3 trillion deficit, Reuters reports.

Reuters also reports that House Majority Leader Eric Cantor (R-Va.) says he is optimistic that Democrats will work with Republicans on spending cuts and tax reform.

Earlier this week, Cantor said his party would aim to introduce a bill a week to cut federal spending.