Big EU nations call its budget proposal excessive

(AP) The European Union's biggest nations are calling proposals to increase the bloc's budget by five percent excessive.

Eight nations, including Britain, France and Germany, issued a declaration Monday saying that the proposal of the EU's executive Commission was "too high" and "significantly in excess of what is needed for a stabilization of the European budget."

The Commission in June proposed a budget worth €1.025 trillion (US$1.397 trillion) for the seven years between 2014 and 2020, up five percent from the previous budget period.

Eight nations, including Britain, France and Germany, issued a declaration Monday saying that the proposal of the EU's executive Commission was "too high" and "significantly in excess of what is needed for a stabilization of the European budget."

The Commission in June proposed a budget worth €1.025 trillion (US$1.397 trillion) for the seven years between 2014 and 2020, up five percent from the previous budget period.