EU budget fight returns to Feb. 7-8 summit

Markets January 17, 2013

EU budget fight returns to Feb. 7-8 summit

Photo: AP European Council President Herman Van Rompuy, right, welcomes Finland's Prime Minister Jyrki Katainen, at the European Council building in Brussels, Wednesday, Jan. 16, 2013.

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BRUSSELS (AP) — The European Union's 27 leaders will try again to reach a seven-year budget deal for the bloc at a summit on Feb. 7-8.

EU spokesman Preben Aamann said Thursday that the leaders would be looking "to find a deal on the first day of the summit" after a cantankerous November meeting ended inconclusively. At that meeting, Britain and other nations looked for deep cuts in contrast to others who want funding sustained at current levels at the very least.

Since then, diplomats have been holding talks and have seemingly brought the sides within striking distance of a deal. The leaders will be looking for a long-term spending plan of around €1 trillion ($1.25 trillion) for the EU from 2014 to 2020.

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