The non-partisan fact-checker Politifact.com has rated a nearly identical charge by Romney, that Obama has "robbed" Medicare of the amount as "mostly false

Now I know you know the truth, yet you lie.

Last week, a new Congressional Budget Office (CBO) report updated the amount of money Obamacare robs out of Medicare from $500 billion to a whopping $716 billion between 2013 and 2022.

According to the CBO, the payment cuts in Medicare include:
A $260 billion payment cut for hospital services.
A $39 billion payment cut for skilled nursing services.
A $17 billion payment cut for hospice services.
A $66 billion payment cut for home health services.
A $33 billion payment cut for all other services.
A $156 billion cut in payment rates in Medicare Advantage (MA); $156 billion is before considering interactions with other provisions. The House Ways and Means Committee was able to include interactions with other provisions, estimating the cuts to MA to be even higher, coming in at $308 billion.
$56 billion in cuts for disproportionate share hospital (DSH) payments.* DSH payments go to hospitals that serve a large number of low-income patients.
$114 billion in other provisions pertaining to Medicare, Medicaid, and CHIP* (does not include coverage-related provisions).

*Subtract $25 billion total between DSH payments and other provisions for spending that was cut from Medicaid and CHIP.

In total, Obamacare raids Medicare by $716 billion from 2013 to 2022. Despite Medicare facing a 75-year unfunded obligation of $37 trillion, Obamacare uses the savings from the cuts to pay for other provisions in Obamacare, not to help shore up Medicare’s finances.

The impact of these cuts will be detrimental to seniors’ access to care. The Medicare trustees 2012 report concludes that these lower Medicare payment rates will cause an estimated 15 percent of hospitals, skilled nursing facilities, and home health agencies to operate at a loss by 2019, 25 percent to operate at a loss in 2030, and 40 percent by 2050. Operating at a loss means these facilities are likely to cut back their services to Medicare patients or close their doors, making it more difficult for seniors to access these services.

In addition, as MA deteriorates under Obamacare’s cuts, many of those who are enrolled in MA (27 percent of total Medicare beneficiaries) will lose their current health coverage and be forced back into traditional Medicare, where Medicare providers will be subject to further cuts. The Centers for Medicare and Medicaid Services chief actuary predicted in 2010 that enrollment in MA would decrease 50 percent by 2017, when Obamacare’s cuts were estimated at only $145 billion. Now that the cuts have been increased to $156 billion (or possibly $308 billion, as the Ways and Means Committee estimates), MA enrollment will surely decrease even further.

But Obamacare’s raid of Medicare doesn’t stop with cuts; it includes a redirection of tax revenue from the Medicare payroll tax hike in Obamacare. The payroll tax funds Medicare Part A, the trust fund that is projected to become insolvent as soon as 2024. Obamacare increases the tax from 2.9 percent to 3.8 percent, which is projected to cost taxpayers $318 billion from 2013 to 2022. However, for the very first time, Obamacare does not use the tax revenue from the increased Medicare payroll tax to pay for Medicare; the money is used to fund other parts of Obamacare, much like the $716 billion in cuts are.

With a raid on Medicare of this magnitude, President Obama’s assertion that his new law is protecting seniors and Medicare is astonishing. The truth is that Obamacare does the opposite.

Lancer... real grown up of you, you can't win an intellectual argument so you will follow me around and post this baby crap behind me.... Good thinking that puts weight behind any future posts that you may choose to have...

Although both sides tell lies and half truths your side are the champions of such.... Obama is a Chicago politician that not only has come out of the Chicago political machine, he has bought that same machine with him and they now run his campaign... LOL Lancer, if you want to challenge what I have posted then by all means go ahead, but other than that you are just showing your inability to deal with those who would disagree with you.... I do not buy your liberal line, and I would say that the liberal line is full of less than half truths as often it just does not make sense... I have yet to have a liberal tell me how we are going to deal with Social Security, Medicare, the mounting debt, and now you have taken over our healthcare and we are supposed to have confidence in that... LOL Tell, me old wise truth teller that you are.. How are our government run programs working out for us lets start with education, when is debt too much, just how far away is the day when the government can not finance these huge deficits and just what will you liberals do then.. oh please ol wise and honest one, tell me.

First of all the liberals (and I'm proud to call myself a liberal) left President Bush with a surplus. We should go back to the tax rates in effect when Clinton was president. We only pay social security tax until about $110,000 change that to $200,000. too many people only have social security to live on in their 70's and 80's.
Healthcare is a right not a privilege for the wealthy. Every western industrialized country has universal healthcare. All I know is that our insurance companies make billions of dollars of of us. My neighbor lost his job and pays $2200/month that's right per month. for health insurance for a family of three. There is something wrong with that. We need real reform in this country and the tax laws shouldn't be written by the wealthy for the wealthy.
I wish everyone good health with our system of healthcare you'd better stay well. and I'm finished with this topic.

Perhaps you haven't heard, the Affordable Care Act was signed and has been law since March of 2010. One of the reasons proponents of the Act gave for passing was that health care costs would be reduced. My premiums have gone up, not down. It looks like the Act hasn't helped your neighbor much either. 8-)

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.”

As to how the Affordable Care Act actually gets to $716 billion in Medicare savings, that’s a bit more complicated. John McDonough did the best job explaining it in his 2011 book, “Inside National Health Reform.” There, he looked at all the various Medicare cuts Democrats made to pay for the Affordable Care Act.
The majority of the cuts, as you can see in this chart below, come from reductions in how much Medicare reimburses hospitals and private health insurance companies.

The blue section represents reductions in how much Medicare reimburses private, Medicare Advantage plans. That program allows seniors to join a private health insurance, with the federal government footing the bill. The whole idea of Medicare Advantage was to drive down the cost of health insurance for the elderly as private insurance companies competing for seniors’ business.

That’s not what happened. By 2010, the average Medicare Advantage per-patient cost was 117 percent of regular fee-for-service. The Affordable Care Act gives those private plans a haircut and tethers reimbursement levels to the quality of care administered, and patient satisfaction.

The Medicare Advantage cut gets the most attention, but it only accounts for about a third of the Affordable Care Act’s spending reduction. Another big chunk comes from the hospitals. The health law changed how Medicare calculates what they get reimbursed for various services, slightly lowering their rates over time. Hospitals agreed to these cuts because they knew, at the same time, they would likely see an influx of paying patients with the Affordable Care Act’s insurance expansion.

The rest of the Affordable Care Act’s Medicare cuts are a lot smaller. Reductions to Medicare’s Disproportionate Share Payments — extra funds doled out the hospitals that see more uninsured patients — account for 5 percent in savings. Lower payments to home health providers make up another 8.8 percent. About a dozen cuts of this magnitude make up the green section above.

It’s worth noting that there’s one area these cuts don’t touch: Medicare benefits. The Affordable Care Act rolls back payment rates for hospitals and insurers. It does not, however, change the basket of benefits that patients have access to. And, as Ezra pointed out earlier today, the Ryan budget would keep these cuts in place.