EU eyes defense spending boost in trillion-dollar budget
The $2.31 trillion proposal would see roughly 35% go to climate and biodiversity projects with the overall budget framework amounting to around 1.26% of the European Union's average gross national income.
'It is a budget that matches Europe's ambition, that confronts Europe's challenges and that strengthens our independence,' European Commission President Ursula von der Leyen said during a press briefing.
The chief of the EU's executive arm said it would allocate more than $152 billion for space and defense spending in a fivefold increase from current EU spending levels.
Von der Leyen called the budget 'larger, smarter and sharper.'
If approved, individual contributions by member EU states would remain unchanged as EU leaders look to at least five new streams of revenue to cover costs.
'This is a budget for the realities of today, as well as the challenges of tomorrow,' von der Leyen added.
The European Union is looking to slap new taxes on tobacco items, non-collected e-waste and corporate contributions by companies generating an annual average of 6.8 billion euros, or more than $7 billion.
But some member nations have reservations, such as the Netherlands, France and Germany.
In March, German lawmakers eliminated a debt restriction on its national budget to allow Germany's federal government a greater borrowing capacity in order to approve a massive defense spending plan.
It's 'too high' of a proposal and the EU needs to focus on how its existing funds can be better spent, Dutch Finance Minister Eelco Heinen argued on Wednesday in a statement.
Meanwhile, it could still see changes in as the budget process plays out with final approval required by the 27 EU states and European Parliament.
Copyright 2025 UPI News Corporation. All Rights Reserved.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Boston Globe
22 minutes ago
- Boston Globe
Today in History: Neil Armstrong and Edwin Aldrin walk on the moon
In 1775, 250 years ago, Major Joseph Vose of Milton led about 400 soldiers and rowers on a raid on Boston Light, which was held by British troops. The patriots stripped the lighthouse of furniture and the island of gunpowder and set afire the lighthouse. This was the latest in a series of raids -- including off Cape Ann -- destroying light houses and other navigation aids thought to benefit the British. Vose's forces also stripped the Nantasket Peninsula of grains. In 1917, America's World War I draft lottery began as Secretary of War Newton Baker, wearing a blindfold, reached into a glass bowl and pulled out a capsule containing the number 258 during a ceremony inside the Senate office building. Advertisement In 1944, an attempt by a group of German officials to assassinate Adolf Hitler with a bomb failed as the explosion only wounded the Nazi leader. In 1951, Jordan's King Abdullah I was assassinated in Jerusalem by a Palestinian gunman who was shot dead by security. In 1969, astronauts Neil Armstrong and Edwin 'Buzz' Aldrin became the first men to walk on the moon after reaching its surface in their Apollo 11 lunar module. In 1976, America's Viking 1 robot spacecraft made a successful, first-ever landing on Mars. In 1977, a flash flood hit Johnstown, Pa., killing more than 80 people and causing $350 million worth of damage. In 1990, Supreme Court Justice William J. Brennan, one of the court's most liberal voices, announced he was stepping down. In 1993, White House deputy counsel Vincent Foster Jr., 48, was found shot to death in a park near Washington, D.C.; it was ruled a suicide. In 2006, the Senate voted 98-0 to renew the landmark 1965 Voting Rights Act for another quarter-century. In 2007, President George W. Bush signed an executive order prohibiting cruel and inhuman treatment, including humiliation or denigration of religious beliefs, in the detention and interrogation of terrorism suspects. In 2012, gunman James Holmes opened fire inside a crowded movie theater in Aurora, Colorado, during a midnight showing of 'The Dark Knight Rises,' killing 12 people and wounding 70 others. (Holmes was later convicted of murder and attempted murder, and sentenced to life in prison without the possibility of parole.) In 2015, the United States and Cuba restored full diplomatic relations after more than five decades of frosty relations rooted in the Cold War. Advertisement
Chicago Tribune
an hour ago
- Chicago Tribune
Today in History: Neil Armstrong and Edwin Aldrin walk on the moon
Today is Sunday, July 20, the 201st day of 2025. There are 164 days left in the year. Today in History: On July 20, 1969, astronauts Neil Armstrong and Edwin 'Buzz' Aldrin became the first men to walk on the moon after reaching its surface in their Apollo 11 lunar module. Also on this date: In 1917, America's World War I draft lottery began as Secretary of War Newton Baker, wearing a blindfold, reached into a glass bowl and pulled out a capsule containing the number 258 during a ceremony inside the Senate office building. In 1944, an attempt by a group of German officials to assassinate Adolf Hitler with a bomb failed as the explosion only wounded the Nazi leader. In 1951, Jordan's King Abdullah I was assassinated in Jerusalem by a Palestinian gunman who was shot dead on the spot by security. In 1976, America's Viking 1 robot spacecraft made a successful, first-ever landing on Mars. In 1977, a flash flood hit Johnstown, Pennsylvania, killing more than 80 people and causing $350 million worth of damage. In 1990, Supreme Court Justice William J. Brennan, one of the court's most liberal voices, announced he was stepping down. In 1993, White House deputy counsel Vincent Foster Jr., 48, was found shot to death in a park near Washington, D.C.; it was ruled a suicide. In 2006, the Senate voted 98-0 to renew the landmark 1965 Voting Rights Act for another quarter-century. In 2007, President George W. Bush signed an executive order prohibiting cruel and inhuman treatment, including humiliation or denigration of religious beliefs, in the detention and interrogation of terrorism suspects. In 2012, gunman James Holmes opened fire inside a crowded movie theater in Aurora, Colorado, during a midnight showing of 'The Dark Knight Rises,' killing 12 people and wounding 70 others. (Holmes was later convicted of murder and attempted murder, and sentenced to life in prison without the possibility of parole.) In 2015, the United States and Cuba restored full diplomatic relations after more than five decades of frosty relations rooted in the Cold War. Today's Birthdays: Former Sen. Barbara A. Mikulski, D-Md., is 89. Baseball Hall of Famer Tony Oliva is 87. Artist Judy Chicago is 86. Country singer T.G. Sheppard is 81. Singer Kim Carnes is 80. Rock musician Carlos Santana is 78. Author and commentator Thomas Friedman is 72. Rock musician Paul Cook (Sex Pistols) is 69. Actor Frank Whaley is 62. Conservationist and TV personality Terri Irwin is 61. Rock musician Stone Gossard (Pearl Jam) is 59. Actor Josh Holloway (TV: 'Lost') is 56. Singer Vitamin C is 56. Actor Sandra Oh is 54. Hockey Hall of Famer Peter Forsberg is 52. Actor Omar Epps is 52. Basketball Hall of Famer Ray Allen is 50. Hockey Hall of Famer Pavel Datsyuk is 47. Supermodel Gisele Bundchen is 45. Actor Percy Daggs III is 43. Actor John Francis Daley is 40. Dancer-singer-actor Julianne Hough is 37. Former MLB pitcher Stephen Strasburg is 37.
Bloomberg
an hour ago
- Bloomberg
EU to Prepare Retaliation Plan as US Trade Stance Seen to Harden
European Union envoys are set to meet as early as this week to formulate a plan for measures to respond to a possible no-deal scenario with US President Donald Trump, whose tariff negotiating position is seen to have stiffened ahead of an Aug. 1 deadline. The overwhelming preference is to keep negotiations with Washington on track in a bid for a negotiated outcome to the impasse ahead of next month's deadline.
