Leaders of the nation's largest corporations have indicated that business cooperation with President Carter's new anti-inflation program would depend largely on the government's willingness to cut spending and further tighten the money supply.

Members of the Business Council, which represents the chief executive officers of more than 100 major corporations, expressed concern about the $40 billion federal budget deficit in fiscal 1978 and the rapid growth of the nation's money supply.

In addition to the conditional support for the new anti-inflation program, the corporate leaders voiced skepticism that new voluntary wage and price guidelines being considered by the White House would do much to sten inflation.

But the corporate leaders stepped well short of showing mutionous intentions, stating they will try at least to go along with whatever new guidelines the president puts forward. What their message to Washington comes down to, simply is: We'll drink the castor oil, but you take the bigge swallow.

Robert S. Strauss, hite House anti-inflation counsellor, told a press briefing following a closed door session with council member, "We recognize that if the government doesn't take the first step, doesn't take the lead as the president wants it to do. (the anti-inflation program) won't work."

But stressing the difficulty of cutting and consolidating governemnt programs, Strauss said the President's ability to attack federal spending is limited in many cases by congressional legislation. He declined comment on what proposals for legislative reform, if any, will be included in Carter's new plan.

Also, contrary to some reports that Carter will be ready to announce a revamped program by the middle of next week, Strauss said the president "has not signed off on details" yet and may wait another two weeks before disclosing the plan.

Also, contrary to some reports that Carter will be ready to announce a revamped program by the middle of next week, Strauss said the president "has not signed off on details" yet and may wait another two weeks before disclosing the plan.

Other administration officials, seeking to allay concerns about a spend-happy government, reaffirmed their own commitment to a decrease in federal spending.

James T. McIntyre, director of the Office of Management and Budget, noted that the projected dificit for 1979 is down about $20 billion from what it was two years ago. He reiterated Carter's intention to have a balanced budget by fiscal 1982. But he said getting to that point is sure to invite some political battles.

"I can predict there's going to be a lot of blood on the carpet in the next few months," McIntyre remarked.

A report on the national economy, commissioned by the Business Council and released yesterday, predicted the economy would grow by 3 percent next year, less than the 3.8 percent gain expected this year.

There is strong sentiment here among business leaders that the administration has not moved fast enough to curb federal expenditures. "In the third year of a recovery such as we're in, the budget should be balanced," said Walter Wriston, chairman of Citicorp, during a session with reporters and several other business council members.

Added Irving Shapiro, chairman of DuPont. "What we're pressing for is for the government to be explicit about what it's going to do. So far we've just got a lot of rhetoric." But at the same time Shapiro and others said they had been encouraged recently by Carter's veto of the public works bill.

There was also considerable criticism voiced about the Fed's control of the money supply. "There is no monetary restraint," Wriston said. "The Fed has not hit its own monetary target in 18 months."