EU lawmakers threaten to veto tightened budgetFebruary 18, 2013 @ 6:44 am
BRUSSELS (AP) - The leaders of the European Parliament are threatening to veto the bloc's multi-annual budget because of its deep cuts.
The Christian Democratic EPP, the largest group in the legislature, said the 7-year budget worth (EURO)960 billion ($1.28 trillion) must be revised to realistically reflect the EU's growing competences and responsibilities.
Socialist leader Hannes Swoboda called the budget _ which needs parliament's approval _ unacceptable and said there won't be a majority for the proposed plan.
The EU's 27 member states earlier this month agreed on a budget deal that foresees the first cuts in the bloc's history for the years 2014-2020.
EU President Herman Van Rompuy defended the plan as shifting funds toward growth-friendly investment while recognizing the need to tighten belts currently felt across Europe.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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