EU budget talks stall, Costa to lead new proposal

The European Council failed to make progress on the EU's 2028-2034 budget, prompting its president, António Costa, to take over negotiations and draft a new proposal. Costa will present his revised proposal to member states on November 15, with a special summit scheduled for November 26. A deal is unlikely then, partly because Spanish Prime Minister Pedro Sánchez faces elections three days later. Costa aims to secure support for new EU own resources, including a digital tax that could raise €6-30 billion annually. Previous proposals from Cyprus and Ireland were rejected by net contributors like Austria, while 17 "Friends of Cohesion" states oppose cuts to farm and cohesion funds.