Germany Rejects EU Plan for Beefed-Up €2 Trillion Budget

Germany has rejected the European Commission’s proposal for a significantly expanded €2 trillion ($2.3 trillion) budget, just hours after it was announced by Commission President Ursula von der Leyen in Brussels.

Von der Leyen unveiled her plans for the European Union’s next seven-year period on Wednesday following intense last-minute negotiations that ran late into the previous night. Her proposal represents a substantial increase on the bloc’s current €1.2 trillion financial plan which runs through 2027 and a number of commissioners were frustrated that the president didn’t share the final details of the budget until the last moment, according to people familiar with the matter.