Pelosi Says Democrats Will Not Compromise on Tax Hikes

Says simply eliminating loopholes is not enough

Pelosi Says Budget Deal Should Raise Taxes on Top Earners (Bloomberg News)

U.S. House Minority Leader Nancy Pelosi said any budget agreement to avert the so-called fiscal cliff must raise tax rates on the highest earners, a step backed by President Barack Obama.

Pelosi, a California Democrat, couldn’t accept any budget deal that doesn’t raise tax rates on the wealthy, she said in an interview broadcast yesterday on ABC’s “This Week.” She said she’s optimistic that an agreement can be reached, possibly by mid-December, and that eliminating tax loopholes won’t raise enough revenue on their own.

“Just to close loopholes is far too little money,” Pelosi said in the interview. “If it’s going to bring in revenue, the president has been very clear that the higher income people have to pay their fair share.”

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