The summit chief is hopeful that an agreement can be reached next year.
Revised draft that keeps ceiling broadly in place but realloactes spending fails to bridge deep divides between EU leaders.
Despite some progress, further summit likely necessary in New Year.
EU leaders seek a deal on the bloc's seven-year budget, with many calling for cuts to match domestic austerity.
European leaders gathered for what promises to be a turbulent and long summit on the 7-year budget for the 27-country European Union.
Catalonia holds elections on Sunday that will be seen as a test of the regional government's plans to hold a referendum on independence.
Egypt's new president, an Islamist with a penchant for moderation, brokered the peace deal between Israel and Gaza.
Assad government attacks E.U. for opposition endorsement.
Damascus has blasted the European Union for recognizing the newly formed Syrian opposition coalition as a legitimate voice of the Syrian people.
The European Union heads into a critical summit to hammer out a $1.28 trillion budget through 2020 — and it promises to be one of its most bitter fights in years.
