It might come as a surprise to you that one of the largest single components of the fiscal cliff is the Payroll Tax Holiday, a stimulus measure that was passed by Obama and the Congress (Deutsche Bank has it as the largest single component of the cliff, although Goldman Sachs has slightly different math).
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This is a very useful chart here from Deutsche Bank breaking down various components of the so-called "Fiscal Cliff," the series of spending cuts and tax hikes that will kick in on January 1.
The Bush Tax cuts and the sequester get way more play in the media, but the payroll tax cut stimulus is a huge component.
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