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No, this is another internet myth. In May 2012, President Obama held an event at the memorial, to honor U.S. veterans, both those who are still alive and those who died. Other than a brief time when traffic may have been blocked by the secret service so that the president could arrive safely, the entire event was open to the public and well-covered by the media. Like other presidents before him, President Obama has frequently held events to remember those who died in service to our country.

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Q: Did Obama have Vietnam memorial shut down to vets on Memorial day?
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