EU Budget Talks Collapse Without Deal
But officials cite 'constructive' discussions
By Newser Editors and Wire Services
Posted Nov 23, 2012 11:27 AM CST
European Commission President Jose Manuel Barroso, left, and European Council President Herman Van Rompuy participate in a media conference after an EU summit in Brussels on Friday, Nov. 23, 2012.   (AP Photo/Virginia Mayo)

(Newser) – A European Union summit charged with agreeing on a long-term budget for the 27-nation bloc has broken up without a deal. European Council President Herman Van Rompuy, who presides over the summits, said that the national leaders had told him and European Commission President Jose Manuel Barroso to continue working toward consensus over the coming weeks. Van Rompuy said the "constructive discussions" at the summit meant that an agreement could be reached early next year.

Barroso, too, called the talks constructive. But he added, "we are not yet at the point of reaching consensus." There is no set deadline for a deal, but the closer it gets to 2014, the tougher it will be for a smooth introduction of new programs. If there is no deal up to 2014, there would be a rollover of the 2013 budget plus a 2% increase accounting for inflation.

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Nov 23, 2012 8:38 PM CST
It comes down to harsh austerity programs with civil and political unrest or find a responsible way to manage the debt.... Hint to the UE: Don't trust the World Bank, the World Monetary Fund or the US Banks.... They don not have your best interests even in consideration......
Nov 23, 2012 6:54 PM CST
As the EU is facing the same cliff as we in the United States are, later. I'm sure they're watching us so we've got to get it right!
Nov 23, 2012 3:21 PM CST
The EU and merge with the US.