The Spanish presidency has proposed shaving as much as €5.3 billion off Horizon Europe to finance skyrocketing EU recovery fund interest rates, according to a leaked proposal seen by Science|Business. The proposal, sent to the member states last week, outlines three scenarios for cutting EU funding for 2025 - 2027, including one that suggests a cut as high as 13.5%. According to the document, EU ambassadors discussed the document at a Coreper meeting on 23 November.