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Not exactly. There are some internet blogs that claim the president said he would be exempt from the new health care law, but a look at the video and the transcript (both available at snopes.com) show he was not asked if he planned to be exempt; nor did he say he should be. This was during a conversation with Diane Sawyer and Charles Gibson in June 2009, when competing versions of the health care bill were moving through congress.

The president was asked a number of questions, including whether it was fair for politicians to set limits on the public when they themselves had good health care already; he was also asked if he felt his own family should have such limits. The president mainly discussed why the current system does not work and why it needs reform. He agreed that he wanted his family to have the best care if an emergency arose (he mentioned how his beloved grandmother had recently been ill and then died), but he did not get into specifics about which plan he favored, nor did he say his family should have better health care than other people. And it is worth noting that in other interviews, he commented that he and congress already have health insurance; this bill was about providing it for people who do not have it at all, or who are denied full access due to a pre-existing condition.

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