The House voted 216-193 today to pass the (OMB Watch-endorsed) Temporary Tax Relief Act of 2007, the one-year, $51 billion AMT patch to keep 20 million additional taxpayers from having to pay the tax this year. It complies with PAYGO by raising enough to pay for the patch, the costly such compliance yet, re-affirming the House's commitment to PAYGO principles. And it includes the carried interest pay-for provision closing a tax loophole which actually allows equity fund managers to pay only 15 percent tax on their bonuses -- a lower rate than anyone except the most destitute Americans. The issue will now be taken up in the Senate. The administration promised a veto of the House bill, but what emerges from conference will be must-pass/must-enact legislation.