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Congress: Come Hell, High Water or Spiteful Democrats, We’ll Patch the AMT in the Lame Duck Session

“We plan to do everything possible to enact AMT relief legislation in a form mutually agreeable to the Congress and the president. We urge the Internal Revenue Service to take all steps necessary to plan for changes that would be made by the legislation.”

~ One of those “letters” that legislators write to bureaucrats as a form of grandstanding. This particular letter was from Max Baucus, Chuck Grassley, Sandy Levin and Dave Camp to Doug Shulman

Handicapping Ernst & Young

Ernst & Young, take my word for it, will never be indicted by the U.S. government, as a firm, for its role in any Lehman fraud that’s eventually proven. It’s also highly unlikely – 1000 to 1 odds I’d say – EY will be fined by the SEC or the PCAOB, as a firm, in a civil or disciplinary case.

~ Francine McKenna says it’s a longshot.

Spreading the Sacrifice Around

“Everybody must sacrifice so this quiet killer won’t eat us alive before we have a chance to fix what was our doing.”

~ Former Senate Budget Chairman Pete Domenici who, along with Alice Rivlin, rolled out their fiscal deficit solution today that includes a 6.5% national sales tax.