MEPs argue for bigger EU budget An "austerity-driven" EU budget will get the thumbs down from the European Parliament, MEPs told euronews on Wednesday. Several members expressed concern that deep cuts to EU funding will put several public works projects at risk. Parliament president Martin Schulz said: "My colleagues and I are not ready to accept that member states make the same mistakes on the European level that they have at home - that they agree a "deficit" budget that will be overstretched. I'm saying quite clearly that I won't sign any such agreement. The budget can by blocked by MEPs who will vote on it once EU leaders reach a deal. But some aren't worried if there is no agreement by Friday. Alain Lamassoure, the centre-right French MEP and the chairman of the EP budget committee, said "we can wait a few months. If there's no deal at all it is not a problem because we have a procedure which allows for annual budgets, 2014, 2015 etc. The framework for the last seven period will be maintained, adjusted for inflation. British Prime Minister David Cameron, supported by Germany and the Netherlands, is pushing for deeper cuts. He says the EU spends too much on agriculture and administration costs. Multiannual Financial Framework 07-13 / 14-20 More about: David Cameron, EU Budget, EU Parliament, Eurozone in crisis