Specifically, the proposal includes a five-fold increase in defense and space budgets and triples investment in migration and border management, marking the most ambitious budget ever proposed by the EU.

The proposal marks the start of a two-year negotiation process involving the 27 EU member states and the European Parliament to finalize the budget for 2028-2034.

However, von der Leyen acknowledged dissatisfaction within her team regarding the funding figures, indicating potential challenges during negotiations.

Protests erupted outside the commission headquarters, with farmers criticizing the budget, arguing that security cannot be achieved without addressing food security.

EU lawmakers expressed skepticism about the budget's feasibility, claiming that the numbers do not add up and that it effectively results in a real-terms investment and spending freeze.

This budget is part of the Multiannual Financial Framework and reflects Europe's ambitions on the global stage, with significant increases in defense, space, migration, and border management spending.

To fund this ambitious plan without increasing national contributions, the EU proposes alternative revenue sources such as carbon emissions trading and a new tobacco duty, though this has caused some confusion and debate.

European Commission President Ursula von der Leyen has proposed a historic EU budget of 2 trillion euros ($2.3 trillion) for the period from 2028 to 2034, aiming to address pressing crises such as Russia's war on Ukraine and climate change, while also funding infrastructure and supporting farmers.

The EU also faces the challenge of managing existing debt from COVID-19 relief measures while allocating funds for Ukraine's reconstruction, with a proposed 100 billion euros ($116 billion) for rebuilding efforts.

Von der Leyen described the budget as the 'most ambitious ever proposed,' emphasizing its strategic, flexible, and transparent nature.