Members of the European Parliament meet for an additional two-day plenary session to discuss the European long-term budget.
German Chancellor Angela Merkel will attend the session and address the parliament as part of contentious negotiations on the EU's 2014-20 financial framework. The negotiations are to be finalized at the extraordinary summit of EU leaders scheduled for November.
"I hope we can reach an accord in November on the multi-year budget," said EU President Herman Van Rompuy on October 23, calling on the states' willingness to compromise on the financial framework, which Britain's Prime Minister David Cameron has threatened to veto.
In July, the European Commission proposed a budget of €1.03 trillion, which is five percent higher than the 2007-13 package.
Cameron has opposed the increase, demanding at least €100 billion worth of cuts to match the measures taken by many EU states in light of the debt crisis. "We can't have EU spending going up and up," said the Prime Minister. "It would not be acceptable to see a huge increase in spending when budgets are being cut," he added.
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