The deal on the 960-billion-euro ($1.25 trillion) budget was reached at emergency breakfast talks he called between the commission, which is the EU executive, the European Parliament leadership, and Ireland, which currently holds the rotating EU presidency.
The 2014-2020 budget was agreed at a summit in Feb 2013 but its ratification had been blocked by the parliament.It appears that under the new deal, the figures agreed will remain unchanged but, in a concession to the European Parliament, unspent money will be transferred from one year to the next, rather than returning to national budgets as at present. The Speaker of the European Parliament, Martin Schulz, urged MEPs to give it their backing.
If the 27 EU Member States give unanimous approval, and a majority of MEPs back the deal, the final text will be adopted in Sep 2013.
Speaking in Brussels as EU leaders gathered for a summit, Jose Manuel Barroso said the deal would speed up spending on youth employment.
The talks in Brussels resulted in a 2014-2020 budget totalling 960bn euros (£812bn; $1.3tn) - the figure for commitments, that is, the maximum that the EU can spend. The actual payments are nearly always lower, and in this new budget the forecast payments total 908bn
EU Budget: Where the money goes
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