House Minority Leader Nancy Pelosi (D-CA) explained Sunday that Republicans had walked away from negotiations on raising the debt ceiling because Democrats had suggested closing special interest tax loopholes for big corporations.

"Leader Cantor can't handle the truth when it comes to these tax subsidies for big oil, for corporations sending jobs overseas or giving tax breaks to the wealthiest people in the country, while they're asking seniors to pay more for less, as they abolish Medicare," Pelosi told CNN's Candy Crowley.

"In the Bush years the Republicans said that tax cuts will produce jobs," she later added. "They didn't. They produced a deficit."