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David Cameron has claimed victory after succeeding in his push for the EU to spend less.
The British prime minister said that European taxpayers would not tolerate the bloc running up a bigger tab over the next seven years.
“I think that people do understand that hte major problem we have had is that the credit card limit for the European Union has been too high; it’s always been pushed up; there are lots of people who wanted to push it up and at last someone has come along and said this has got to stop and it’s time for that credit card limit to come down.”
The biggest loser is French president Francois Hollande, who had openly criticised Cameron’s call for deep spending cuts.
European Council President Herman Van Rompuy said a leaner budget made sense in this economic climate.
He urged MEPs to not to carry out their threat to block it.
“It is the moment of truth and a time for responsibility. The heads of state and government have lived up to their responsibilities, now it’s up to MEPs and the European Parliament to live their responsibilities,” Van Rompuy told euronews.
Senior aides to the former Belgian prime minister said they expect the parliament would probably vote on the budget in April.
Martin Schulz, the president or speaker of the European Parliament, has said that he won’t sign any “deficit budget”, comparing it to the fiscal cliff in the United States.