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Did Obama cut billions from Medicare to pay for ObamaCare?

Welcome to VoteFacts.  Here we have an ad by the Romney campaign telling viewers that President Obama cut Medicare to pay for ObamaCare.  Is there any fact to that, or is it all fiction?  Let's look to the Congressional Budget Office (CBO), the Center for Medicare and Medicaid Services (CMS) and the Congressional Research Service (CRS) to focus on those facts so you can go ahead and cast you vote.  Here are your bullet points and links to full reports:

• The new health care law appropriates and transfers from the Medicare trust funds billions of dollars over the coming years to support many of the new law's provisions. They include providing funding for states to plan and establish exchanges (once established, exchanges must become self-sustaining), and support for a center to test innovative payment and service delivery models.  CRS, Page 4, Para 4

• Higher balances in the Medicare Hospital Insurance (HI) fund will give the government legal authority to pay Medicare benefits longer, but most of the money will pay for new programs rather than reduce future budget deficits and therefore will not enhance the governments economic ability to pay Medicare benefits.  CBO, At bottom of Page

• The combination of lower Part A costs and higher tax revenues results in a lower Federal deficit based on budget accounting rules. However, trust fund accounting considers the same lower expenditures and additional revenues as extending the exhaustion date of the HI trust fund. In practice, the improved HI financing cannot be simultaneously used to finance other Federal outlays (such as the coverage expansions) and to extend the trust fund, despite the appearance of this result from the respective accounting conventions.  CMS, Page 9

• The new health law introduced a new 3.8 percent - unearned income Medicare contribution - on income from interest, dividends, annuities, and other non-earnings sources for individual taxpayers with incomes above $200,000 and couples filing joint returns with incomes above $250,000. Despite the title of this tax, this provision is unrelated to Medicare; in particular, the revenues generated by the tax on unearned income are not allocated to the Medicare trust funds.  CMS, Page 9

The CBO says "most of the money", but they do not give an exact number, and the CRS just says billions.  But those are your facts, now weigh in by casting your vote.

VoteFacts original post date:  September 9, 2012
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Voting Key

Fact = 100% - 92% True
Mostly Fact = 91% - 75% True
Slightly Fact = 74% - 60% True
Split = 59% - 50% True
Slightly Fiction = 49% - 30% True
Mostly Fiction = 29% - 10% True
Fiction = 9% - 0% True