President Obama has proposed $320 billion in reductions to Medicare and Medicaid as part of a $3 trillion package of spending cuts and tax increases designed to trim the U.S. budget deficit. The deficit reduction plan submitted to the Joint Select Committee on Deficit Reduction calls for cutting Medicare by $248 billion and Medicaid by $72 billion over a 10-year period. Under Obama’s proposal, seniors new to the Medicare program would pay $25 more for physician insurance, in 2017, 2019, and 2021.

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