The whole memo is worth a read, but here is the part that addresses the budget (emphasis added):
Gov. Romney applauds Paul Ryan for going in the right direction with his budget, and as president he will be putting together his own plan for cutting the deficit and putting the budget on a path to balance.Romney’s administration will go through the budget line by line and ask two questions: Can we afford it? And, if not, should we borrow money from China to pay for it? Mitt Romney will start with the easiest cut of all: Obamacare, a trillion-dollar entitlement we don’t want and can’t afford. Mitt Romney also laid out commonsense reforms that will make good on our promises to today’s seniors and save Social Security and Medicare for future generations.