French President Emmanuel Macron arrives for an EU summit at the European Council building in Brussels, Friday, Feb. 21, 2020. In a second day of meetings EU leaders will continue to discuss the bloc's budget to work out Europe's spending plans for the next seven years. (Ludovic Marin, Pool Photo via AP)

EU nations end summit without agreement on budget

February 21, 2020 - 1:36 pm

BRUSSELS (AP) — European Union nations broke up a marathon summit without a deal Friday and will have to reconvene for another budget meeting in the coming weeks.

After 28 hours of talks the leaders could not find a compromise, with a half dozen wealthy member states insisting they would not stump up more funds for the bloc's next long-term spending package, worth around one trillion euros ($1.1 trillion).

The so-called “Frugal Four” of Austria, Denmark, the Netherlands and Sweden, and a few others, believe the EU's 2021-2027 budget, which is meant to fund ambitious climate change and digital economy policies, should amount to 1% of the 27-nation trading bloc's gross national income.

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