Mitt Romney and his running mate Paul Ryan have criticized Obama's plan to reduce Medicare's projected growth by 716 billion dollars over 10 years.

The GOP ticket said the Republican proposal to offer a private alternative to Medicare would not affect anyone over age 55 or anyone currently receiving Medicare benefits.

Ryan says, "Medicare should not be a piggy bank for Obamacare. It should be a guaranteed promise that seniors can count on and in order to save this program for those who are already retired and people who are about to retire. You have to reform it for my generation because by the way it won’t be there for us when we retire."