Ryan: They got caught with their hands in the cookie jar, turning Medicare into a piggy bank for Obama. Their own actuary from the administration came to Congress and said one out of six hospitals and nursing home are going to go out of business as a result of this. 7.4M seniors are projected to lose their current Medicare Advantage coverage they have, that's a 3200 dollar benefit cut."
Biden: That didn't happen.
Ryan: What we're saying --
Biden: More people signed up. More people signed up for Medicare Advantage after the change.
Ryan: Mr. Vice President, I know you're under a lot of duress...but I think people would be better served if we don't keep interrupting each other.
Biden: Well, don't take all the four minutes then.
Ryan: We're not -- we're saying don't change benefits for people 55 and above. They've already organized their retirement around those promises.
Ryan's has proposed allowing Medicare-approved private insurers to one day compete with traditional Medicare on an exchange.
But the plan's opponents say that would increase the financial burden on senior citizens.