BRUSSELS ― The European Commission is zeroing in on a proposal for a centralized budget of €1.717 trillion for the seven-year period from 2028, as arguments over the final number went to the wire on Tuesday night.

That figure ― contained in a document seen by POLITICO and being fought over by senior Commission officials in Brussels just hours before the plan is publicly announced ― would represent an increase in the bloc’s spending power compared with the last budget that ran from 2021.

If the members of the Commission, led by President Ursula von der Leyen, settle on this number over the next few hours it would mean total spending would rise to 1.23 percent of gross national income for the seven years from 2028, compared with around 1.1 percent over the current period.

The sum was confirmed by four EU officials and diplomats but, showing how sensitive the final figure remains, even most of the 27 commissioners had not seen it by late Tuesday. They will meet Wednesday morning for final approval.

The overall total takes into account predicted inflation over the seven years and compares with €1.2 trillion in current prices in the budget between 2021 and 2027.

Negotiations inside the Commission are stretching until late Tuesday night and the figures could still change. Von der Leyen will present the proposal later on Wednesday. A planned large increase is not unusual at this stage because national governments would be expected to chip away at it before giving their final approval before the end of 2027.

Most of the budget is formed of contributions from the EU’s 27 governments, with smaller revenue streams such as customs duties and a plastic tax topping up the final total.

Several countries, including Germany, the bloc’s largest and most powerful economy, have already warned against expanding the EU’s money pot at a time when voters across Europe are increasingly turning to populist and anti-EU forces.

The EU budget, known as the multiannual financial framework, covers all EU spending from farmers’ subsidies to aid to developing countries, cultural projects and transport infrastructure.

Camille Gijs contributed to this report.