House Minority Leader Nancy Pelosi (D-Calif.) said in an interview airing Sunday that tax increases must be part of any deal to avert the looming "fiscal cliff."
Asked by ABC's Martha Raddatz whether she would accept a deal that capped deductions for high earners but left rates as they are, Pelosi said it would be unacceptable.
"What you just described is a formula in a blueprint for hampering our future," Pelosi said. "Just to close loopholes is far too little money."
Pelosi said that cutting those deductions would discourage investment and that there's not enough money to be saved in those deductions to make the math work.
President Obama has taken a hard line with Republicans on tax increases early in negotiations. Republicans have said they are open to new revenue -- in the form of closing loopholes -- but have stopped short of embracing tax increases for the wealthy.