The Multiannual Financial Framework, as the seven-year budget is known, must still be approved by the European Parliament.
CNN: EU leaders agree historic cut in long-term budget
2.
He said Cyprus would try to broker an agreement on the EU's long-term budget - the Multiannual Financial Framework (MFF) - this year.
BBC: Cyprus begins EU presidency amid cash woes
3.
The Commission's proposal for the long-term budget, called the Multiannual Financial Framework, sets the ceiling at just over one trillion euros, or 1.03% of EU gross national income.
BBC: David Cameron and Herman van Rompuy in Downing Street