For a Tax Cut Today Senate Finance Committee leaders Sens. Max Baucus (D-MT) and Charles Grassley (R-IA) this afternoon proposed extending a raft of business tax breaks and providing a one-year AMT patch, but controversy is likely over the lack of offsets in the proposal. Story. Rumors have circulated that Baucus and Grassley would not include PAYGO-compliant offsets in the legislation, but would rather offer a "letter of intent" to cover costs in the future -- an IOU to keep the package from adding to the debt. The proposal has not been scored, but could cost in the neighborhood of $100 billion.