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EU leaders close to budget deal

  • EU leaders are close to reaching a compromise deal on the 2014-2020 budget following all-night talks on Thursday, according to officials.

    A broad framework was reportedly agreed upon at the Brussels summit.

    Leaders are examining proposals for a 908bn euro ($1.2 trillion) budget for the seven years, 5 billion euros lower than an earlier proposal.

    In November, the leaders failed to reach an agreement due to a disagreement over the cuts, a key demand made by British Prime Minister David Cameron.

    Cameron reiterated on Thursday that he would not accept a deal unless further cuts were made.

    The deal is expected to find a balance between the demands of northern European countries, such as Britain and the Netherlands that are seeking cuts, and countries in the south and east that want sustained spending on farming subsidies and much-needed infrastructure.

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