NOT THIS TIME: The European Parliament overwhelmingly rejected a proposal for the European Union's €960 billion ($1.3 trillion) budget Wednesday, in the latest example of the lawmakers' newfound resolve to stand up to the bloc's national leaders.
FOUND LACKING: The seven-year plan brokered at a summit of the 27 heads of state and government last month failed to address Parliament's demands that more be spent to foster economic growth and that there be flexibility to move money within the budget, European Parliament President Martin Schulz said.
WHAT'S NEXT: Government representatives and Parliament must now try to hammer out a compromise. Officials say they aim to finalize it before the summer.
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