Officials familiar with the negotiations say today’s meeting began with President Obama asking House Majority Leader Eric Cantor, R-Va., to lay out what was agreed upon in the deficit reduction talks led by Vice President Biden. Cantor outlined around $2 trillion in deficit reduction over the next decade: $1–1.1 trillion in discretionary spending; $200 billion in mandatory discretionary spending (such as civilian military retirement and farm subsidies); $200 billion in Medicare and Medicaid; and roughly $200-300 billion in saved interest on the debt. After Cantor’s presentation, the President said the two sides might be able to reach consensus on roughly...