Romney’s right: Obamacare cuts Medicare by $716 billion. Here’s how.

Romney’s right: Obamacare cuts Medicare by $716 billion. Here’s how.: The Romney campaign has gone on the offense on Medicare, charging that the Affordable Care Act “cuts $716 billion” from the entitlement program.

That $716 billion figure is one you’ll probably be hearing a lot about during this election cycle. It’s worth understanding where it comes from and what the spending reductions mean for the Medicare program.

First, where it comes from. On July 24, the Congressional Budget Office sent a letter to House Speaker John Boehner, detailing the budget impact of repealing the Affordable Care Act. If Congress overturned the law, “spending for Medicare would increase by an estimated $716 billion over that 2013–2022 period.”

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