EU fails to reach agreement on budget for 2015

Brussels

COST-CONSCIOUS European Union (EU) governments and a more generous-minded European Parliament failed to reach an eleventh-hour agreement for the bloc's 2015 budget, forcing officials to draw up a new proposal.

"No deal on EU budget, EU Commission to present new draft budget 2015," a spokeswoman for the European Parliament's budget committee said in a tweet late on Monday.