EU Presidency Proposes 8% Budget Cut for 2028-2034; Parliament Rejects

The Irish EU Presidency proposed an 8% reduction in the EU's 2028-2034 multiannual budget. The European Parliament's co-rapporteurs rejected the proposal, warning it would weaken EU competitiveness, defense, and security amid a delicate global context. The proposal signals a potential fiscal tightening at the EU level, but the final outcome remains uncertain pending negotiations.