EU Budget Talks Break Down

Georges Gobet / AFP / Getty Images

British Prime Minister David Cameron arrives for a two-day European Union leaders summit called to agree a hotly-contested trillion-euro budget through 2020, on November 22, 2012 at the EU Headquarters in Brussels. AFP PHOTO / GEORGES GOBET (Photo credit should read GEORGES GOBET/AFP/Getty Images)

The European Union failed to agree on a budget on Friday after British Prime Minister David Cameron accused the organization of "living in a parallel universe." Cameron, along with his German counterpart, wanted the organization to make further spending cuts. "We're not going to be tough on budgets at home just to come here and sign up to an increase," Cameron said after the talks were scuttled. The U.K. has imposed austerity measures, slashing its administrative budget by a third and its civil service by 10 percent. The prime minister said the European Commission's failure to find cost savings was an insult to taxpayers.