They cite a memo written by Richard Foster, chief actuary of the Centers for Medicare and Medicaid Services (part of the U.S. Dept. of Health and Human Services), that claims the ACA will, says Romney, “cut Medicare by more than $500 billion.”

So does it “cut” Medicare by $500 billion?

Medicare spending will continue to grow, according to the Centers for Medicare and Medicaid Services (CMS), but ACA will slow that growth. According to a report from the Kaiser Family Health Foundation over the next 10 years, the federal government will devote about $500 billion less to Medicare than it would have without ACA.

CMS and the Kaiser Family Foundation tell ABC News that there will be no benefit cuts to Medicare. They say instead of Medicare’s being cut, there will be much more spending at the end of a 10-year window, but it does slow the rate of that growth. This is all unless Congress makes drastic changes to Medicare, for example passing House Budget Chairman Rep. Paul Ryan’s Medicare Plan.

CMS says—and Kaiser agrees—that spending will be reduced by getting rid of fraud and ending overpayments to private insurance companies. It sends a message to those insurance companies: Operate more efficiently.
And instead of cuts, the CMS says they will be able to fund new benefits, including free preventive care and broader prescription coverage, including closing the “doughnut hole” affecting seniors.