BEIJING, Nov. 24 (Xinhuanet) -- A European Union summit charged with agreeing on a long-term budget has broken up without any agreement.

Herman Van Rompuy, the president of the European council, decided to postpone the negotiations after EU leaders failed to agree on a long-term spending plan worth about one trillion euros.

Van Rompuy said European Commission President Jose Manuel Barroso will continue working toward consensus over the coming weeks, and an agreement could be reached early next year.

Certain countries want the budget to rise, while others want to reduce it, and all have veto power. The bloc is divided between richer countries wishing to contain their contributions to the common budget, and poorer ones that rely on EU money for development aid and investments.

There is no set deadline for a deal, but the closer it gets to 2014, the tougher it will be to implement new programs.

(Source: CNTV.cn)