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EU reaches political deal on 2014-2020 budget

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(Globalpost/GlobalPost)

European Commission President Jose Manuel Barroso on Thursday announced a political deal on the EU's hotly contested 2014-2020 trillion-euro budget.

Barroso said a deal had been reached between the Commission, which is the EU executive, the European Parliament leadership, and Ireland, which currently holds the rotating EU presidency. But the accord must still be formally approved by Parliament lawmakers.

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http://www.globalpost.com/dispatch/news/afp/130627/eu-reaches-political-deal-2014-2020-budget