House Minority Leader Nancy Pelosi, D-Calif., argued that additional revenue must be included in upcoming deficit reduction deals, calling the revenue secured by the “fiscal cliff” deal “significant” but “not enough.”
“The President had originally said he wanted $1.6 trillion in revenue,” she said on “Face the Nation.” “He took it down to 1.2 as a compromise in this legislation. We get $620 billion dollars, very significant, high-end tax, changing the high-end tax rate to 39.6 percent, but that is not enough on the revenue side.”
Pelosi declined to go into particulars, saying she was “fairly agnostic” about how to secure more revenue, but implied that closing loopholes and deductions was more likely than revisiting tax rates.
“Put it all on the table and see what is working,” she said, identifying the carried interest loophole and oil subsidies as two examples of dubious tax expenditures that may be targeted.