Mitt Romney on Saturday released what his campaign called his "first weekly podcast" -- a pre-recorded message similar in format to the president's weekly address -- that hammered President Barack Obama over Medicare.

The Republican Party's presumptive nominee for president accused Obama of siphoning funds from Medicare to fund his health reform law.

"I think it's outrageous that the president took $716 billion out of the Medicare trust fund to pay for Obamacare," Romney said during the address, which lasted approximately five minutes.

"No president should put in jeopardy your benefits."

Romney appeared to be referencing a July report from the Congressional Budget Office that stated a repeal of the Patient Protection and Affordable Care Act would result in a $716 billion increase in Medicare spending through 2022.

But counter to Romney's claim, it also found that Medicare would not lose $716 billion should the health reform law remain in place.

According to the Congressional Budget Office, repealing the health care reform law would eliminate cuts to health care costs, not cuts in benefits to the elderly.

Romney's attention to the issue follows this week's release of a new television advertisement that gave a harsh assessment of Obama's handling of Medicare.

Obama's campaign responded with its own ad, and Romney held a press conference where he laid out their differences on a white board.

In the podcast, Romney said his plan "preserves and protects Medicare, and it guarantees the future of the program by forcing insurance companies to compete for business."

He also blasted the health reform law's independent payment board, saying the panel could "deny elderly Americans the care they've worked for their entire lives, all because President Obama trusts bureaucrats more than he trusts seniors and their doctors."

Romney mentioned his own Medicare proposal and one advanced by his running mate, Rep. Paul Ryan of Wisconsin.

"Now that he and I have teamed up, we're going to ensure that seniors are protected from President Obama's reckless actions," Romney said.

A memo circulated Saturday by Romney's campaign, written by campaign Policy Director Lanhee Chen, said the running mates "have the same vision for the future of Medicare."

"The plan put forward by Governor Romney in November 2011 and the bipartisan one (co-authored by Ryan) put forward in December 2012, take the same approach that (a) makes no changes to Medicare for those over 55; (b) starting in 2022, transitions Medicare to a premium support model with competitive bidding to determine support levels, (c) offers traditional Medicare as an option competing in that system, and (d) means-tests the premium support so that lower-income seniors receive the most generous assistance," the memo said.