Prime Ministers reach EU budget deal

Prime Ministers from the European Union countries have reached a 7-year budget for the Union. The plan for the years 2014 through 2020 would limit actual spending to 908 billion Euro ($1.2 trillion) and put a ceiling of 959 billion Euro. The European Commission had asked for 1.3 trillion Euro. The plan cuts 45 billion Euro from the current spending plan mostly from energy and transportation. There were no cuts to the EU ag budget which accounts for 40 percent of the plan’s spending. The budget must be approved by the European Parliament.

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