This excerpt originally appeared in National Review Online on June 7, 2012.

Another unlikely Obamacare pay-for is the future huge Medicare-funding cut, which, as Charles Blahous has argued, depends “upon future enforcement at some variance with historical precedent, including even the precedent of the ACA [Affordable Care Act] itself.” That is, the cut isn’t going to happen, and without it, the president’s law will blow a huge hole in the federal budget.