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Brussels blog by some wire service journalists

EU proposes $1.48 trillion budget for 2014-2020

By GABRIELE STEINHAUSER

Barroso

BRUSSELS (AP) — The European Union on Wednesday proposed a budget worth €1.025 trillion ($1.48 trillion) for the seven years between 2014 and 2020, up 5 percent from the previous budget period.

The budget outline from the European Commission, the EU’s executive, kicks off months of wrangling with the 27 member states, which are determined to keep the budget down and the European Parliament, which will seek as much input as possible on where the money is spent.

According to Wednesday’s proposal, the biggest amount of money, about €376 billion, would go to boosting the EU’s underdeveloped regions. That’s followed by around €372 billion to support the region’s farmers.

“We are proposing an ambitious, and at the same time responsible budget,” said European Commission President Jose Manuel Barroso. “It is a realistic proposal with which we can make a difference.”

READ THE FULL STORY HERE.

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