European Commission
President Jose Manuel Barroso has announced that a tentative deal has been
reached on the seven-year budget. An agreement on the compromise had been
delayed for months.
European Commission President Jose Manuel Barroso announced a political deal on the EU's hotly contested 2014-2020 budget, worth 960 billion euros ($1.27 trillion) which could now come into effect next year.
Barroso said the deal had been reached between the Commission, which is the EU executive, the European Parliament leadership, and Ireland, which currently holds the rotating EU presidency.
The accord must still be formally approved by EU Parliament lawmakers.
European Parliament President Martin Schulz said he expected a big fight in parliament when the budget is put to a vote in next week's plenary session.
Irish Prime Minister Enda Kenny said he was "confident" that all EU member states would support the deal.
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