EU wants big budget to fund new priorities after Brexit
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The European Union's executive branch has proposed a budget to finance new priorities like defense and border control as well as compensating for Britain's departure from the bloc.
European Commission President Jean-Claude Juncker said Wednesday that the 2021-2027 budget will be "bigger than the preceding one, because it will determine the future of our Europe of 27" members.
The Commission unveiled a seven-year spending package worth 1.135 trillion euros ($1.36 trillion), which accounts for around 1.1 percent of the bloc's total output.
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Agricultural funding and "cohesion funds" that help raise the infrastructure standards of poorer states are both to be cut by around 5 percent.
The Commission is also seeking powers to suspend or restrict funding to countries whose rule of law standards might pose financial risks.