'This Week' Transcript: Vicki Kennedy, Jack Lew and Paul Ryan

ROMNEY: Obamacare raises taxes on the American people by approximately $500 billion. Obamacare cuts Medicare -- cuts Medicare by approximately $500 billion.

(END VIDEO CLIP)

STEPHANOPOULOS: You know, several independent fact-checkers have taken a look at that claim, the $500 billion in Medicare cuts, and said that it's misleading. And in fact, by that accounting, your budget, your own budget, which Governor Romney has endorsed, would also have $500 billion in Medicare cuts.

RYAN: Well, our budget keeps that money for Medicare to extend its solvency. What Obamacare does is it takes that money from Medicare to spend on Obamacare.

I mean, I've heard for years how much people don't like the idea that we're raiding Social Security to pay for other government programs. What Obamacare does for the first time in history is it raids Medicare to pay for Obamacare. In addition, it puts this new board of 15 people in charge of putting price controls on Medicare, which we think will end up rationing Medicare in ways that will deny care to seniors. So not only do we think this law is bad for Medicare, it's bad for health care, it's terrible for the economy, and it will move us closer toward a debt crisis.

STEPHANOPOULOS: Congressman, correct me if I'm wrong...

RYAN: This law represents...

STEPHANOPOULOS: Correct me if I'm wrong, I thought your Medicare savings were put towards deficit reduction and debt reduction.

RYAN: It -- which -- which extends the solvency of Medicare. What they do in Obamacare is they try to count this dollar twice. They claim that this helps Medicare solvency and, at the same time, they spend this money on creating Obamacare.

If you look at the appendix of the Trustees Report for Medicare, they -- they say the same thing. You can't count these dollars twice. In our budget, we make sure that all these dollars from Medicare savings go toward extending the solvency of Medicare and don't go toward spending new money on Obamacare.

So we don't raid Medicare for Obamacare. We repeal Obamacare and extend the solvency of the Medicare trust fund in our budget.

STEPHANOPOULOS: So you reject the charge that this could open up to the charge of hypocrisy?

RYAN: No. Look -- look at the hypocrisy. The president on your show said this is not a tax. Then he sent his solicitor general to the Supreme Court to argue that it is a tax in order to get this past the Supreme Court.

The broken promises and the hypocrisy are becoming breathtaking from the president who says one thing to get this past Congress and then another thing to get it past the Supreme Court. Look, I was here fighting this bill, George, in the last session of Congress. Believe me, if this was brought to the public as a tax, there's no way this law would have passed into law in the first place. That's what's so frustrating and disappointing with this law.

STEPHANOPOULOS: I think you may be right about that. You also heard Jack Lew and Vicki Kennedy talk about the provisions in the law, some of them already in place, which are relatively popular right now with the American people. This is what's up on the White House website, that you can't deny coverage due to pre-existing conditions, can't charge women more than men, can't place a lifetime dollar limits on care, must cover young adults under age of 26 on a parent's plan.

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