This isn't true. It's misleading, and only tells part of the story. Here's the whole story:

"After the Affordable Care Act became law, the administration became aware of glitch in the law....Congress responded by amending the law, to redefine who would be eligible for Medicaid.

....As a result, some people who would have gotten their insurance through Medicaid will now get their health insurance through the new exchanges....That makes the overall cost of subsidies a lot higher. Throw in some changes in economic forecasting, and you get that extra $111 billion in subsidies.

But that’s only half the story! The cost of subsidies has gone up, because more people will be getting insurance through the exchanges. But the cost of Medicaid has gone down, because, among other things, fewer people will be getting coverage through that program. Overall, the administration now projects the ten-year Medicaid cost to decline by $272 billion."

So, an additional $111 billion for the subsidies minus the $272 billion savings with Medicare gives you ...a savings of $161 billion.