Romney claims: “Obama stole 716 billion dollars from Medicare and used it to pay for Obamacare.” Nothing could be further from the truth. Per TPM:
The Romney campaign’s new ad blitz reinforces its latest attack — that President Obama cut Medicare spending by $716 billion — with an ominous warning to seniors. But the Affordable Care Act’s cuts and other Medicare reforms don’t touch benefits, they target waste in provider payments.
In fact, the totality of Obama’s Medicare reforms expand benefits for seniors and lower out-of-pocket costs. The Affordable Care Act actually enhances Medicare benefits by closing the prescription drug coverage gap known as the “doughnut hole” and expanding free preventive services, including an annual wellness visit.
The Romney ad misleadingly implies that seniors will take a hit. “You paid in to Medicare for years. Every paycheck,” a narrator says. “Now, when you need it, Obama has cut $716 billion from Medicare.”
Also, note that this is a projected cut over the course of a decade.