House Minority Leader Nancy Pelosi defended Democrats' desire to raise revenues by closing tax loopholes, during an interview which aired on "Fox News Sunday."

Pelosi stressed the need for a budget which will create jobs and argued that the sequester would do too much harm to the economy. She also batted down the idea of saving money by raising the Medicare eligibility age.

"Don't you think you ought to see if raising the age really does save money?" Pelosi said. "Those people are not going to evaporate from the face of the earth for two years. They're going to have medical needs and they're going to have to be attended to. And the earlier the intervention for it, the less the cost will be and the better the quality of life. I do think we should subject every federal dollar that is spent to the harshest scrutiny. And I do think the challenge to Medicare is not Medicare, the challenge is rising health care costs in general."

Wallace was doing his usual bit where he was carping about how it wouldn't do any good to raise taxes on the rich, because that would not completely solve the deficit problem. He had no response to this and simply moved on to the next subject.