House Democratic leader Nancy Pelosi says she's hopeful lawmakers can come to a deal to avoid a year-end "fiscal cliff" but any agreement has to include tax rate increases for the wealthy.
She tells ABC's "This Week" that she can't accept a deal that caps
deductions and closes some loopholes but does not alter current tax
rates for the wealthy.
The California Democrat says "just to close loopholes is far
too little money" and other ideas have to be considered. Republicans
have suggested they are open to finding more revenues.
Lawmakers are facing expiration of the George W. Bush-era tax
deductions and across-the-board spending cuts that automatically hit in
January – the result of Congress' failure to reach a deficit-cutting
deal last year.