BRUSSELS- European Union leaders agreed Friday to a drastically reduced 7-year budget worth €959 billion ($1.28 trillion) — the first cut in spending in the 27-country group’s history.
European Council President Herman Van Rompuy said Friday the agreement had been reached after two days of nearly round-the-clock negotiations.
“We simply could not ignore the extremely difficult economic realities across Europe,” Van Rompuy told reporters. “It had to be a leaner budget.”
He said it would amount to 1 percent of the European Union’s gross national income.
The final number was far less than the €1.03 trillion ($1.38 trillion) the EU’s executive arm, the EU Commission, had originally proposed.
Read More at OfficialWire . By Don Melvin.