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Budget Talks Continue At EU Summit

European Council President Herman Van Rompuy
After all-night talks in Brussels, European Union leaders are discussing a draft agreement on a seven-year budget for the 27-member bloc.

The draft proposal sets the ceiling for total spending for the years 2014-2020 at 960 billion euros ($1.29 trillion).

A final agreement could come later on February 8.

If the proposal is approved, it will be the first time there will be net reductions in a multiyear EU budget.

Countries like Britain and the Netherlands have been insisting on deeper EU cuts in line with national spending cuts, while countries like France and Poland wanted spending on farm subsidies and infrastructure.

At a budget summit in November, EU leaders failed to reach agreement on a 972 billion euro ($1.31 trillion) spending plan.

With reporting by Reuters, AP, and the BBC
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