Washington, DC—Senate Majority Leader Harry Reid made the following statement today after the U.S. Senate voted for the Alternative Minimum Tax Act without a measure to pay for it:
“I am relieved that the Senate has acted this evening to extend AMT relief for 19 million taxpayers – including nearly 100,000 Nevadans. But I want to make it perfectly clear that I am very disappointed Republicans prevented the Senate from passing AMT relief in a fiscally responsible manner. Instead, Republicans insisted that the $50 billion cost of this proposal be added to the national debt – a debt that is already growing at a rate of $1 million a minute.
“Although I think it is a shame that it had to come to this, I am supporting this effort because it would be far worse to impose the AMT tax on 19 million unsuspecting Americans. Democrats will continue to insist on a paygo policy and it is our hope that in the future, Republicans who talk so proudly of fiscal responsibility will back up their rhetoric with their votes.