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Pelosi says no budget deal without tax rate hikes

By The Associated Press

This article was published November 18, 2012 at 10:39 a.m.

— House Democratic leader Nancy Pelosi said 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 told 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 said “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.

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Displaying 1 - 2 of 2 total comments

GAITOR says... November 18, 2012 at 12:15 p.m.

Pelosi? She's irrelevant. Why should anyone care what she spews?

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merlin749 says... November 18, 2012 at 9:17 p.m.

The Dems need to show us some real, concrete budget cuts before ANY Tax increases are considered! Negotiation is a two way street!

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