Spend more or do less: EU leaders discuss post-Brexit budget
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European leaders — minus Britain's prime minister — are meeting to discuss how the bloc will cope with a multibillion-euro hole in its budget caused by Brexit.
Lithuanian President Dalia Grybauskaite, a former EU budget commissioner, said Friday the meeting will gauge the EU's ambitions as it sets a new multiyear budget for the post-Brexit era.
She says leaders kicking off what are likely to be months of acrimonious wrangling have a choice, "to increase the budget and find new resources, European resources or taxes, or to reduce some other old programs."
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The EU's executive Commission estimates that Britain's planned departure next year will cut contributions by around 12 billion euros ($14.8 billion) a year. Britain has agreed to pay its budget share until 2020.