Medicare is a pivotal issue in November’s presidential election. Romney says Obama’s health care reform law will “cut more than $700 billion” out of Medicare. A budget put together by Rep. Paul Ryan, also Romney’s running-mate, that has been approved by House Republicans would cut Medicare by the same amount. However, the difference between the two is how the money is cut. A report from the Congressional Budget Office in July says that the Affordable Care Act reduces Medicare payments to drug companies, hospitals and other providers—as opposed to Medicare beneficiaries. Ryan’s plan creates a voucher-like system, which would leave a $6,500 gap for beneficiaries to cover themselves, according to the CBO.
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