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By law, the EU is not allowed to run a deficit. The initial budget shortfall of 2012 was estimated to total 16 billion euros but shifting funds between budget years brought the figure down to about 11 billion euros, according to the latest estimates. The extra funds would just barely put it back in the black. The EU Parliament is threatening to hold up the bloc's entire 960 billion euros ($1.3 trillion) budget for the years 2014-2020 unless member states accept to pay the outstanding bills. "At a time when the EU is suffering from a credibility deficit, no one would take us seriously if we were to decide on the budget for the next seven years without being able to pay the bills for the current year," said Alain Lamassoure, Chairman of the European Parliament's Budget Committee of the center-right majority caucus. The EU's multi-annual budget was hammered out in a round-the-clock summit of the EU's 27 leaders. It foresees the first spending cuts in the bloc' history. The European Parliament has overwhelmingly rejected the proposal and said it wouldn't start negotiations before last year's bills will be paid for.
[Associated
Press;
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