In Case You Were Wondering...

The Washington Post examines one key reason why the Senate isn't likely to raise taxes on hedge fund managers to make up the money lost by "patching" the alternative minimum tax. This is today's must-read budget story -- particularly since the Senate may vote tomorrow. Personally, I'm no fan of the AMT (who is?), but patching that tax without making up the lost money somewhere else is going to set an absoutely awful precedent.