EU leaders agree to $1.3 trillion budget
BRUSSELS (AP) - European Union leaders have agreed to a budget worth €960 billion ($1.3 trillion), a significantly reduced sum that represents the first decrease in a budget in the union's history.
European Council President Herman Van Rompuy said Friday that the agreement had been reached after two days of negotiations.
A senior EU official said the final number for the seven-year budget was €960 billion - much less than the €1.03 trillion that the EU's executive arm, the EU Commission, originally proposed.
The two-day fight over what the EU pledged to spend on everything from infrastructure to development aid laid bare divisions over what the role of the union should be.
"It's done!" a spokesman for German Chancellor Angela Merkel tweeted. "The 27 EU members have agreed on a budgetary framework for 2014-2020. Europe has shown itself to be capable of acting."
The EU Parliament must still approve the deal - and they have suggested that such drastic cuts are unacceptable.
European Council President Herman Van Rompuy said Friday that the agreement had been reached after two days of negotiations.
A senior EU official said the final number for the seven-year budget was €960 billion - much less than the €1.03 trillion that the EU's executive arm, the EU Commission, originally proposed.
The two-day fight over what the EU pledged to spend on everything from infrastructure to development aid laid bare divisions over what the role of the union should be.
"It's done!" a spokesman for German Chancellor Angela Merkel tweeted. "The 27 EU members have agreed on a budgetary framework for 2014-2020. Europe has shown itself to be capable of acting."
The EU Parliament must still approve the deal - and they have suggested that such drastic cuts are unacceptable.
Great, they have passed a trillion dollar budget. Now the trick is to come up with it from countries that are on the verge of bankruptcy or already over the edge. It amazes me how they can ignore the fact that so many countries are in grave financial problems and yet try to shirk it off like nothing is going on. I only hope the when they go down the sewer pipe they don't pull us with them.