Last updated: March 16. 2013 7:10PM - 137 Views

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(AP) The leaders of the European Parliament are threatening to veto the bloc's multi-annual budget because of its deep cuts.


The Christian Democratic EPP, the largest group in the legislature, said the 7-year budget worth 960 billion ($1.28 trillion) must be revised to realistically reflect the EU's growing competences and responsibilities.


Socialist leader Hannes Swoboda called the budget which needs parliament's approval unacceptable and said there won't be a majority for the proposed plan.


The EU's 27 member states earlier this month agreed on a budget deal that foresees the first cuts in the bloc's history for the years 2014-2020.


EU President Herman Van Rompuy defended the plan as shifting funds toward growth-friendly investment while recognizing the need to tighten belts currently felt across Europe.


Associated Press
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