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EU Spending Cuts Loom as Cameron Demands Savings at Summit

A promised European Union investment budget to modernize the recession-hit economy is set to be scaled back in a bonfire of competing national demands.

U.K. Prime Minister David Cameron demanded cuts in a proposed seven-year subsidies package of 973 billion euros ($1.3 trillion). The blueprint was trimmed once, from 1.047 trillion euros in November, and is below the 994 billion euros spent in the budget period expiring this year.