But the component parts -- cutting taxes for middle-class families, cutting taxes for small businesses that are hiring our veterans and hiring the long-term unemployed, putting teachers back in the classroom -- here in the state of Hawaii, you have a bunch of kids who are going to school four days a week because of budget problems.

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What we do know, however, going to the CBO report, is that the single biggest component of the so-called fiscal cliff is the middle-class tax cuts that Republicans and Democrats all agree ought to be extended.

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This reduction in inequality has a racial component, because 75% of the new middle class is non-white.

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