So the Democrats want to actually pay for AMT relief by closing the loopholes given to certain investors in the Virgin Islands and other wealthy expatriates that relinquished their citizenship to avoid paying their taxes. But the Republicans filibustered that bill and even went so far as to say they wouldn't approve any bill under pay-go rules.
If you want to see how out of touch and fiscally irresponsible the modern Republican party has become just listen to the Republicans top senator on the FINANCE committee, Charles Grassley:
The Finance Committee’s top Republican, Charles Grassley of Iowa, said it was time for Democrats to abandon their “pay-go obsession,” referring to the “pay-as-you-go” principle that tax cuts or spending increases should be paid for so as not to add to the federal deficit.
Well there you have it in black and white. The Republican Party is officially against fiscal responsibility. Just add another $50 Billion to the national debt what the hell - it's not your generation's money right?
Just another reason why Republicans are going to get their clocks cleaned in 2008...