European Union leaders failed to agree on the 2014-20 budget Thursday, disagreeing over the size of EU spending. Leaders argued that budget cuts should match austerity measures introduced in member countries. Meanwhile, Czech Republic lobbied to prevent considerable cuts in subsidies it receives from Brussels. Millions of euros in cohesion funds are at stake for the Czech Republic. The country currently receives 8 percent of EU funds earmarked for poorer member states, while its economy takes up only 2 percent of the total EU GDP, according to the Prague Post.
