EU Negotiators Agree to 2014 Budget

Spending cut by 6 percent compared with 2013

Negotiators in Brussels have clinched a deal on the 2014 EU budget after a night of hard talks, cutting spending by about 6% compared to 2013.

Spending will total 135.5bn euros (£113.3; $181.3bn), or 0.5bn less than the Commission sought and 0.9bn short of the European Parliament's target.

However, the budget is 0.5bn euros bigger than what austerity-conscious government leaders were demanding.

It reflects stricter new terms agreed by EU leaders in February.

There will be greater funding for economic growth, jobs, innovation and humanitarian aid, Lithuania's Deputy Finance Minister Algimantas Rimkunas said in a statement. His country currently holds the six-month rotating EU presidency.