Charles Rangel: “Whoever thought of this cockamamie idea in 1969 was wrong. And as far as the voters are concerned, you can call yourself…”

“Whoever thought of this cockamamie idea in 1969 was wrong. And as far as the voters are concerned, you can call yourself Republican or Democrat, who now holds them hostage, but if we don't give them relief, you can bet your life it's going to be the Congress of the United States and this President. The President realizes we should eliminate this. He hasn't given us a plan, an idea, a thought, just get rid of it. And the Congressional Budget Office says that if we don't get rid of it, that $50 billion will be coming into our budget, we will have $50 billion. Common logic would dictate that if we do get rid of the AMT, which is the right thing to do, that we will lose $50 billion from the budget. What happens at home? What happens with a corporation? What happens with this congressional board of directors if we find with the budget that $50 billion that's missing? One of the things we can do is cut spending, by what? $50 billion. Another thing we could do is say forget about it. We did it before with the tax cut, just borrow the money. Just borrow $50 billion. I guess you can call that repealing.”