European Union leaders sparred into the night over the bloc’s next seven-year budget, with calls by U.K. Prime Minister David Cameron for spending cuts at the center of a welter of competing national demands.
Spurred by an anti-EU faction at home, Cameron insisted on cuts in a proposed seven-year subsidies package of 973 billion euros ($1.3 trillion). The blueprint was trimmed once, from 1.047 trillion euros in November, and is less than the 994 billion euros spent in the budget period expiring this year.
“The numbers that were put forward were much too high,” Cameron told reporters on his way into the two-day Brussels summit yesterday afternoon. “They need to come down, and if they don’t come down, there won’t be a deal.”
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