(CNN) - President Barack Obama on Friday released a new television advertisement on Medicare which serves as a rebuttal to a sharp ad his Republican challenger introduced on Tuesday.
The Obama campaign ad issues direct counterpoints to the two issues raised in Mitt Romney's earlier ad – first, that Obama's health care reform has cut billions from Medicare and, second, that the plans supported by the Romney ticket would "strengthen (Medicare) for the next generation."
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"You paid in to Medicare for years - every paycheck. Now, when you need it, Obama has cut $716 billion dollars from Medicare," Romney's ad says.
The Obama spot rebuts: "The non-partisan AARP says Obamacare 'cracks down on Medicare fraud, waste, and abuse,' and strengthens guaranteed benefits."
On Romney's sustainability claim, the Obama ad raises the proposal advanced by his running mate, House Budget Committee Chairman Paul Ryan.
"AARP says it would undermine Medicare and could lead to higher costs for seniors," Obama's spot replied. "And experts say Ryan's voucher plan could raise future retirees costs more than $6,000."
"Get the facts," it continues, pointing viewers to a page on the Obama campaign website which rebuts the points Romney makes in his ad.
"President Obama's new ad 'Facts' gets the facts wrong," responded Romney campaign spokeswoman Amanda Henneberg. "The facts concerning the President's record on Medicare are clear: 1) Obama cut the program by $716 billion, 2) millions will be forced to lose their Medicare Advantage coverage and 3) the program will go bankrupt in 2024. Mitt Romney has a plan for Medicare that protects it for today's seniors and strengthens it for future generations."
The Obama campaign has tangled with Romney, Ryan and their surrogates over Medicare since the presumptive GOP nominee introduced the Wisconsin congressman as his running mate nearly a week ago. The selection propelled budget issues and entitlement spending into the spotlight.
Republicans have criticized Obama for diverting $716 billion from Medicare, apparently referencing a July report by the Congressional Budget Office which said a repeal of the Patient Protection and Affordable Care Act would result in a $716 billion increase in Medicare costs through 2022.
But the report also says that Medicare will not lose $716 billion should Obamacare stay in place, as Romney claimed in his ad.
The Obama campaign says the ad, entitled "Facts," will air in the key states of Colorado, Florida, Iowa, Nevada, New Hampshire, North Carolina, Ohio, and Virginia.
- CNN's Gregory Wallace and Kevin Liptak contributed to this report
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