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Obama Describes The Individual Mandate As A Tax

During a speech Friday in Roanoke, Virginia President Obama departed from his previous use of the word "penalty" to describe the individual mandate, describing it instead as a tax. "By the way, if you’ve got health insurance, you’re not getting hit by a tax," President Obama said. "The only thing that’s happening to you is that you now have more security because insurance companies can’t drop you when you get sick.”

Posted on July 14, 2012, at 1:14 p.m. ET

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