http://hosted.ap.org/dynamic/stories/E/EU_EU_BUDGET_SUMMIT?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-11-23-08-57-47
BRUSSELS (AP) -- The prospect of failure loomed over a European Union leaders' summit charged with agreeing on a (EURO)1 trillion ($1.25 trillion) long-term spending plan for the 27-country bloc.
As the EU's leaders resumed another round of negotiations Friday, any sign of a deal remained far out of reach. While heavyweights like Britain and France were pulling in opposite directions, smaller members were also threatening to veto a deal in order to make themselves heard.
`'I have my doubts that we will come to an agreement," German Chancellor Angela Merkel said early Friday as she left the first day of the talks, which could stretch into Saturday.
The EU budget primarily funds programs to help farming and spur growth in the bloc's less developed countries. In financial terms, the budget amounts to only about 1 percent of the EU's gross domestic product, but carries great political significance as it lays bare the balance of power between the bloc's members.
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