Late last night, the Senate passed, by a vote of 88–5, a one-year increase in the AMT exemption without the offsetting tax increases in the version that passed the House. The rejected House version would take ten years of small tax increases to pay for a one-year AMT patch, leaving open the question of how to pay for next year's patch, but at least that bill follows the letter of the PAYGO rules. The Senate bill is an outright $50 billion tax cut.