(Image: Public Service Europe ) BY JASMINE BAILEY ANCHOR LOGAN TITTLE The European Union agreed on a budget Friday after negotiations that lasted 25 hours— the longest meeting on record. E.U. president Herman Van Rompuy broke the news on Twitter, writing: “Deal done! # euco has agreed on # MFF for the rest of the decade. Worth waiting for.” This is the first time the E.U. has altered its multi-annual budget. New cuts will cover the next seven years with a budget ceiling of 960 billion euros— or $1.3 trillion. The Telegraph reports on some other aspects of the proposal include: These new proposals come just weeks after an announcement from British prime minister David Cameron promising a referendum to leave the E.U. if budget cuts were not made. But as the BBC reports— Cameron is happy with the new deal, saying it is good for Britain. CAMERON: “I think the British public can be proud that we’ve cut the seven-year credit card limit for the European Union for the first time ever.” German Chancellor Angela Merke l sided with Cameron— saying the deal will help foster growth for Europe in the future. And after much hesitation over the budget cuts, French President Francois Hollande called the deal a “good compromise.” But before the deal is passed it must first be approved by the European Parliament— known for its opposition to budget cuts. If the deal does pass, it will take effect in 2014.