Todt, however, said whilst attending the weekend's Spanish grand prix that the teams' initial proposals were "ridiculous".
"We know they have budgets of between 100 and 400 million and the proposal they seem happy with is to reduce by two million," he said.
"What was proposed was a joke."
Todt said his aim is to see teams' annual spend reduced in the order of 30 to 40 per cent.
"We will meet all of the people again. Hopefully they are sensible people and they come up with some sensible suggestions," he added.