The 7-year budget of the European Union is being debated by MEPs this morning in the European Parliament in Strasbourg. The budget is called the multi-annual financial framework and will run from 2014 until 2020.

A deal on the budget was struck at European Council Summit last month. But the MEPs will still have to vote on it and many of them are unhappy with some of the cuts being made to it.

They will have to vote on it before it gets passed and there are no guarantees they will accept it.

European heads of State and government wrapped up talks on the multi-annual budget after nearly 20 hours of intense negotiations back in February.

'A good deal for Ireland'

The Taoiseach said the final conclusions at the end of the summit represented a 'good deal for Ireland and a good deal for Europe'.

Enda Kenny added that one of the government 'primary interests' in protecting the Common Agricultural Policy was achieved with a nominal reduction in the amount at €1.5 billion from around €1.6 billion for Ireland. In addition Ireland received €100 million for assisting in Border-Midland-West (BMW) 'underdeveloped' region as well as a top up of €100 million in rural development funding.

€6 billion has been set aside across the union in the budget to assist in easing youth unemployment for under 25-years-olds.

The UK along with Sweden, Germany and the Netherlands demanded that the budget be revised downward from a figure of €1.25 trillion to €960 billion.

The Minister for European Affairs Lucinda Creighton is warning that a rejection by MEPs of the budget would be 'devastating'.

Minister Creighton says a rejection of the budget would derail funding projects and be very bad news for EU citizens.