The EU's seven-year budget is being debated by MEPs this morning in the European Parliament in Strasbourg.
The budget, which is called "the multi-annual financial framework", will run from 2014 until 2020.
A deal on the budget was struck at last month's European Council Summit.
MEPs will still have to vote on it, and many are unhappy with some of the cuts being made to it.
Minister for European Affairs Lucinda Creighton warned a rejection by MEPs of the budget would be "devastating".