The Irish EU presidency proposed on Saturday an 8% cut in the European Commission's budget plan for the period 2028 to 2034 to €1.6 trillion ($1.79 trillion), drawing criticism from more frugal member states that the reduction is not deep enough. The Irish proposal still marks a 30% increase over the bloc's current budget, which runs from 2021 to 2027. The EU budget is the main source of financing for all of the 27-country bloc's main policies.