Paul Ryan's plan would provide a federal subsidy for people to buy private insurance instead of Medicare. If they want better coverage, they'll have to pay for it.

...

President Obama's deputy campaign manager, Stephanie Cutter, said onCBS' "Face the Nation" on Sunday that Ryan's plan "would be the end of Medicare as we know it."

Romney responded during a Florida appearance Monday that he and Ryan "want to make sure that we preserve and protect Medicare." He said of the charges made by the Obama campaign that "it's smear, it's dirt, it's distortion, it's deception, it's dishonesty."

It's also true.