Martin Schulz, President of the European parliament group of Socialists and Democrats, talks to EUX.TV's Raymond Frenken about the UK plans to block a proposed increase of 6 percent in the European Union's budget. Schulz also comments on the EU summit talks about stronger economic governance and the possibility of a major revision to the Lisbon Treaty. "If Cameron is prepared to give up the British rebate ... then we can for sure discuss a reduction of the budget." "The European budget is not to be compared with national budgets," said Schulz. "There are no own resources. We have no European taxes. We have no own money. It is money coming from the member states. We can make no debts. The British budget must be reduced because there is enormous debt. Europe has no debts." Distributed by Tubemogul.