Manchester, New Hampshire (CNN) - Mitt Romney is jumping into the TV ad wars.
The Republican presidential candidate and former Massachusetts governor Tuesday will release his first paid television commercial of his second bid for the GOP nomination, and President Barack Obama's re-election campaign is already fighting back.
Programming note: GOP presidential candidates face off at 8 p.m. ET Tuesday, November 22, in the CNN Republican National Security Debate in Washington, D.C.
The first 20 seconds of the 60-second spot attack Obama over the economy, faulting him for the record national debt and home foreclosure crisis. The ad features Obama speaking on the campaign trail in New Hampshire in 2008, but paints him as a failed president who couldn't deliver on his promises.
Over audio of Obama speaking, the ad displays text that reads: "Greatest jobs crises since Great Depression" and "Record Home Foreclosures."
Obama can also be heard saying, "If we keep talking about the economy, we're going to lose."
But the president's campaign responded Monday night, saying Romney's team took the quote out of context: The then-senator was actually quoting his opponent, GOP Sen. John McCain.
"Just last week fact checkers scolded Mitt Romney for distorting a comment the President made about creating American jobs and now Romney launches a deceitful and dishonest attack rather than outline his own record or plans for the future," said Ben LaBolt, the campaign's press secretary, in a statement Monday night.
"While the President brought us back from the brink of another depression and is fighting everyday to restore economic security for the middle class, Mitt Romney opposes the President's plan to create 2 million jobs and instead proposes a return to the same economic policies that led to the recession," he added.
Shifting gears, the rest of the ad shows different scenes of Romney talking with voters, as his voice narrates different ways he would turn the economy around.
"We have a moral responsibility not to spend more than we take in,” Romney said. "I’ll make sure that America is a job creating machine like it has been in the past.”
The spot, which will run in New Hampshire, comes after a weekend in which Romney began to move aggressively to solidify his lead in the first-in-the-nation primary state. Romney picked up endorsements from two of the three Republican members of the state's congressional delegation this weekend.
The ad will run on television station WMUR in Manchester, New Hampshire. The 60-second spit will air Tuesday through November 27, with the campaign spending $134,000 on the buy, according to WMUR political reporter James Pindell.
Romney has long lead in the polls in this state, thanks in part to his familiarity among Granite State voters. He was governor of neighboring Massachusetts, and many people in southern New Hampshire live in the Boston television market.
Romney also owns a vacation home in New Hampshire and has spent a lot of time in the state the past couple of years helping out local GOP candidates and the state Republican Party. This year he has spent a lot of time on the campaign trail in the Granite state.
In his first bid for the White House, Romney went up with ads much earlier, with his first commercial airing in March of 2007.
While Romney is now just entering the ad wars, Texas Gov. Rick Perry and Rep. Ron Paul of Texas have both been up with paid commercials in the early voting states.