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Europe Leaders Bow to Cameron Push, Deepen Spending Cuts

European Union leaders agreed to a seven-year budget that cuts spending for the first time, bowing to U.K. Prime Minister David Cameron’s insistence on thrift.

The deal, struck after 25 1/2 hours of talks in Brussels that ended yesterday, set the budget for 2014-2020 at 960 billion euros ($1.3 trillion), down from an original proposal of 1.047 trillion euros and less than the 994 billion euros spent in the current budget cycle.