News Summary: EU strikes $1.3 trillion budget deal

News Summary: EU officials strike last-minute agreement on $1.3 trillion budget through 2020

Associated Press

POWER PACT: European Union officials hashed out deal on a 960 billion euro ($1.3 trillion) budget for the next seven years. The agreement includes the first spending cuts in the bloc's history.

LONG ROAD: The EU countries have been trying since last fall to cobble the budget together. Some countries wanted to increase or maintain spending, while others insisted it made no sense to increase the budget while some governments were imposing tough austerity policies.

HELP THE POOR: The budget is designed in part to balance economic development of its members by injecting funding into poorer countries.

View Comments (1)