PARIS—The French government is set to unveil broad spending cuts Wednesday in order to meet its deficit goals for this year and next, targeting households and companies in moves that could weaken some of the flagship measures of President Nicolas Sarkozy's tenure.

The government is considering additional budget savings of as much as €4 billion ($5.8 billion) for this year and €10 billion for 2012 in order to stick to its deficit targets and make up for softer-than-expected economic growth, said several trade unionists who...