Irish EU Presidency Proposes €159 Billion Budget Cut

The Irish presidency of the Council of the European Union proposed a €159 billion reduction to the European Union's next seven-year budget for 2028 to 2034. Unveiled Saturday, the new plan cuts approximately 8% of the original proposal authored by the European Commission.

This latest negotiating document, referred to as a negobox, represents a €122 billion decrease from the previous version presented by the Cyprus presidency in June. The reduction is intended to satisfy a group of member states, led by the Federal Government of Germany, that has demanded significant spending cuts.

The proposal establishes the framework for upcoming discussions among the 27 European Union leaders at a summit scheduled for next week.