Americans for Prosperity has a list of some of the wasteful spending found in the “fiscal cliff” bill. An example:
Railroad repair (Section 306)
Cost: $165 million per year
Description: Railroads can claim tax credits for performing maintenance.
I might have thought that maintaining one’s capital investment is a normal business expense, but not so for railroads, it seems.
For the full list, see Fiscal Cliff Waste at AFP.