And the president supports taking $716 billion out of that program

from President Barack Obama (Ft. Jim Lehrer & Mitt Romney) – First Presidential Debate of 2012 on Rap Genius

Meaning

Politifact rated this claim as half-true

This $716 billion refers to an aspect of Obamacare, but the cuts are primarily aimed insurers and hospitals, not Medicare beneficiaries. Particularly, it involves significant cuts of Medicare Advantage, instated by George W. Bush to fund private insurers, pursuing the “idea [..] that competition among the private insurers would reduce costs.” As these plans have in fact cost more than traditional Medicare, the plans receive significant cuts, while overall Medicare funding increases. These cuts merely control growth rather than completely halt it.

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