The EU budget provides for €908 billion in payments against €960 billion in funding commitments. Photo: Bloomberg

(VOVworld)- With 537 yes votes, 126 no votes and 19 abstentions, the European Parliament (EP) on Tuesday passed the 960 billion euro budget for the 2014-2020 period, ending disagreements over cutting expenditure in the next 7 year. About 40 billion Euros was cut from the initial proposal. The reduced amount was one of EU members’ targets to raise expenditure level to boost growth and create jobs in the context of continuous austerity policy to ease budget deficit. President of the European Council Van Rompuy said that this commitment to reduce spending is a “practical policy for the Europe”. According to plan, 28 EU members will approve the EU budget 2014-2020 in the coming few days.