Pelosi: There wasn’t enough revenue in the fiscal-cliff deal
“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.
Asked if Democrats are ready to significantly reform entitlement programs to address the deficit, Pelosi said, “We already have,” pointing to the Affordable Care Act’s $716 billion in Medicare provider cuts.