The IPAB is a 15-member panel of healthcare experts. The healthcare law gives Boehner and McConnell three recommendations each, and another three to each of their Democratic counterparts. All 15 board members would have to be confirmed by the Senate.
Once in place, the IPAB would make targeted cuts in Medicare's payments to doctors and other providers if the program's overall spending grows faster than a certain rate. The board is not allowed to alter Medicare benefits or "ration" care.
"These reduced payments will force providers to stop seeing Medicare patients, the same way an increased number of doctors have stopped taking Medicaid patients. This will lead to access problems, waiting lists and denied care for seniors," Boehner and McConnell wrote.
Obama has not yet nominated anyone to the IPAB.
The panel was supposed to come into existence in 2014, but Medicare spending has not grown slowly enough that the IPAB would not be triggered next year.