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Obama’s Medicare cuts, explained

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President Obama and his campaign have offered a series of defenses of the roughly $700 billion in Medicare cuts that he enacted as part of his national health care law. Briefly, they are: the cuts only deal with overpayments to private insurers and providers; the cuts do not affect benefits; the cuts extend the solvency of Medicare; and Mitt Romney’s new running mate, Rep. Paul Ryan, R-Wis.,...

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