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."