Saturday, November 24, 2012

EU budget talks ens in vain


European Union leaders have left Brussels without agreeing on their next 7-year budget. They were divided over the scale of spending.

The European Commission initially demanded a roughly 4 percent increase in spending. Commission members wanted more money for programs to revive the region's economy. The leaders of several countries said an increase was unacceptable at a time of austerity.

European Council President Herman Van Rompuy made a compromise proposal with a spending ceiling of 970 billion euros -- 2 percent lower than the current budget.

British Prime Minister David Cameron wanted even deeper cuts. The French and Spanish leaders opposed him. They said they wanted to fund subsidies for farmers and regional development.

Van Rompuy said he would try to secure a consensus and hoped leaders would reach an agreement when they meet in January.

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