The dire warnings that major defense cuts next month will eliminate thousands of U.S. jobs and create other economic problems have practically disappeared from eleventh-hour discussions in Washington on how to avert the cutbacks – part of an agreement to slash more than $1 trillion from the federal budget to reduce the deficit.

Key lawmakers on Sunday instead returned to negotiating on ways to generate more revenue to cut the deficit – returning to where they left off Friday after a White House meeting with President Obama.

House Speaker John Boehner has indicated Republicans will not increase the tax rate for the country’s highest earners, but are open to perhaps closing some of their tax loopholes.

Though such a compromise seemed like the breakthrough for which Americans have been waiting, House Minority Leader Nancy Pelosi on Sunday flatly rejected such a plan.

“No,” Pelosi said on “ABC’s “This week.” “Just to close loopholes is far too little money.”