On its first formal response to the Commission's draft budget for 2012, EP Budgets Committee stated that essential investments must go ahead without delay to support education and social inclusion, reduce poverty and develop a knowledge-based society.

The Commission's draft budget proposed €147.435 billion in commitment appropriations and €132.738 billion in payments (1.12% and 1.01% respectively of the EU’s forecast gross national income (GNI) for 2012). The Commission estimates that 43.5% of the draft budget contributes to the EU 2020 strategy. Although,MEPs welcomed this estimation, they believe that is not enough and therefore, demand a more ambitious approach to funding the strategy.

In addition, the EP Budgets Committee urged the Council not to make any cuts in payments. It defends the proposed increase of 4.9% compared to the 2011 budget because it is the minimum required to honour legal commitments made by the EU in previous years. MEPs also warn the Council against making these "horizontal cuts" in budgets without assessing the EU's actual needs. If eventually the Council make such cuts, MEPs urged EU Member States to explain publicly and identify clearly which of the EU's political priorities or projects they would delay or drop altogether.

The committee's position, if endorsed by the full Parliament, will serve as the mandate for MEPs when they enter the first round of budget 2012 negotiation meeting ("trilogue") between representatives from the Council, Commission and Parliament, which takes place on 11 July.