Belgian Prime Minister Bart De Wever offered his resignation to the King on Monday morning after budget talks among his five coalition parties broke down overnight, VRT and Euronews report. Euronews, citing local media, says De Wever went to the royal palace to offer his government's resignation.

The coalition is made up of De Wever's Flemish nationalist N-VA, the Flemish socialist Vooruit, the Christian democrat CD&V, the liberal MR and the centrist Les Engagés, VRT reports. VRT political journalist Bart Verhulst says the talks stalled over a classic left-right split. Vooruit, Les Engagés and CD&V want the people with the "strongest shoulders" to do more, while N-VA and MR are on the other side. MR's David Clarinval spoke out against "too much taxation," VRT reports.

The government must save 10 billion euros to stay within EU limits, Euronews reports. Belgium's budget deficit was 5% last year, above the EU limit of 3%. Its national debt is over 735 billion euros, more than 110% of its economy, Euronews says. Interest rates on government bonds have risen, Euronews reports.

A year ago, De Wever faced a similar standoff, VRT reports. He did not resign then but asked the King for more time, and got 50 extra days. A deal to save 9.2 billion euros came later that month. De Wever wants to avoid a stopgap budget set month by month, VRT says.

Euronews says the King may accept the resignation, refuse it, or hold it while he considers it. VRT says he could also give De Wever more time, as he did last year.

What we know: De Wever has offered to resign after the budget talks failed.
What we don't: What the King will decide, and whether the coalition can still reach a deal.