Nov. 12 - European Union spending will total 135.5 billion euros ($182 billion) in 2014 under a deal reached by EU negotiators. As Sonia Legg reports the deal includes extra funds to fight soaring youth unemployment.
135.5 billion euros is today's daily digit - the amount the European Union will spend in 2014. The deal was reached after 16 hours of negotiations in Brussels. It's 6% less than this year and is the first budget to reflect new terms agreed in February. It includes 3.9 billion euros for job creation, training and apprenticeships across the EU's 28 countries. But many say it's not nearly enough to fight soaring unemployment. 19 million young Europeans are currently out of work - the allocation is equal to 200 euros each. 135.5 billion is just 1% of the bloc's annual gross domestic product. And it's tiny compared to the total spend by EU governments. In 2012 that was around half of GDP. The vast majority of EU spending - around two-thirds of the total - goes on subsidies for European farmers and investment projects like road building. The budget must now be rubber-stamped by EU ministers and the full parliament before it comes into force.