EU Budget Talks Collapse

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European leaders failed to reach agreement today on the European Union's budget, with wealthier countries saying that there was not enough restraint in the proposed seven-year spending plan, the Wall Street Journal reported today. Talks collapsed on the second day of the 27-nation summit. Belgium's foreign minister, Didier Reynders, tweeted that leaders are expected to meet again in January in an effort to seal a deal on the 2014 to 2020 budget. Confirming talks had broken down, European Council President Herman Van Rompuy said "the work will go on." Read more. (Subscription required.)