The American Medical Association congratulated President Obama on his re-election Wednesday, but warned him of the danger of looming Medicare cuts.

The country's largest physician organization said they are committed to working with the administration and Congress to stop the nearly 27 percent cut scheduled to hit physicians who care for Medicare patients in January.

"It is time to transition to a plan that will move Medicare away from this broken physician payment system and toward a Medicare program that rewards physicians for providing well-coordinated, efficient, high-quality patient care while reducing health care costs," said AMA's president Jeremy Lazarus.

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