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AP News

Pelosi says no budget deal without tax rate hikes

WASHINGTON (AP) — 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.

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