Nancy Pelosi Vows: No Budget Deal Without Tax Hikes for the Wealthy

House Minority Leader Nancy Pelosi (D-Calif.) vowed there will be no deal to head off the coming "fiscal cliff" that does not include raising tax rates on the wealthy.

Pelosi said she's optimistic a deal can be reached but won't agree to merely closing tax loopholes or capping deductions without raising taxes on top earners.

"Just to close loopholes is far too little money," Pelosi told ABC's "This Week" in an interview aired Sunday. "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.”

The year-end deadline will trigger more than $600 billion in automatic spending cuts and tax increases unless Congress can reach a budget deal.

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