House Minority Leader Nancy Pelosi (D-CA) categorically rejected a fiscal deal that does not raise tax rates on upper incomes, arguing that "just to close loopholes is far too little money."

Asked Sunday on ABC's "This Week" if she'd accept a deal that would hold tax rates constant but cap deductions for high earners, she said, "No."

"The president made it very clear that there are not enough [deductions] of the sort," she said, calling that approach "a blueprint for hampering our future" because it would require deeper cuts in investments.