Brussels, June 26 - Billions of euros in farm subsidies are on the table in a new agreement that was submitted Wednesday to a key committee of the European Parliament. Negotiators reached a deal on reforms to the Common Agricultural Policy (CAP), one of the biggest spending items in the European Union's budget. The agriculture committee of the European Parliament will now begin its review of the reform package, said committee head Paolo De Castro. Negotiators from Europe met late into the night Tuesday on what Simon Coveney, agriculture minister for Ireland and the lead negotiator for EU governments, called "some difficult issues to resolve". The CAP and payments for rural development account for nearly 40% of the EU's long-term budget. The plan is to spend about 50 billion euros annually on agriculture in 2014-2020, the BBC reported on its website.