EU budget battle deepens as Cyprus summit kicks off 2028-34 talks

EU leaders at a Cyprus summit pressed to advance an €1.8 trillion 2028-34 budget, but remain far apart on its size, purpose, and funding. Debates center on whether to expand spending or cut it, and how to bankroll it through “own resources” like the Carbon Border Adjustment Mechanism, emissions trading, and other levies, with countries split between ambitious investment and fiscal restraint as they eye next year’s elections. The goal is to seal a deal by year’s end, before Parliament negotiations resume.