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In $7 million ad buy, Crossroads GPS blasts Obama on debt

Updated: 10:52 a.m. ET

(CBS News) Crossroads GPS, the sister organization to the super PAC American Crossroads, is launching a $7 million TV ad Tuesday blasting President Obama over the national debt, and accusing him of "growing our debt faster than our economy."

Watch the video at left.

The group, which counts Karl Rove as one of its advisers, has pledged to spend $25 million this election cycle on "issue advocacy" aimed at framing the presidential election on jobs, the economy, Mr. Obama's health care overhaul and government debt.

Because Crossroads is a tax-exempt nonprofit group, it can spend unlimited money on politics, but the majority of its money must be spent on policy issues. Unlike American Crossroads, the group is not required to reveal its donors.

"Why isn't the economy stronger? In the seconds it takes to watch this, our national debt will increase $1.4 million," says a narrator in the ad. "In 2008, Barack Obama said, 'We can't mortgage our children's future on a mountain of debt.' Now he's adding $4 billion in debt every day, borrowing from China for his spending."

"Every second, growing our debt faster than our economy," the ad continues. "Tell Obama, stop the spending."

The thirty-second spot will air run for two weeks in Colorado, Florida, Iowa, North Carolina, New Hampshire, Michigan, Nevada, Ohio, Pennsylvania and Virginia.

"While Europe is in the throes of debt-fueled economic crisis, President Obama keeps spending and charging more on the nation's maxed-out credit cards," said Steven Law, president of Crossroads GPS, in a Tuesday statement. "We want to encourage a serious debate on the national debt that transcends President Obama's class-warfare tax hikes."

Bill Burton, a senior strategist with the pro-Obama super PAC Priorities USA Action, argued that "in rushing to defend" Romney with the ad, Crossroads was actually highlighting his "key weaknesses."

"As CEO, Romney often made millions by loading up companies with unsustainable debt to pay himself fees," Burton told Hotsheet in an email. "As Governor, Romney increased state debt by $2.6 billion - leaving the state with the highest debt per capita in the country. Now Romney is proposing to add $3.4 trillion to our debt with new tax cuts for the very wealthiest Americans."

He added: "In business and government, Romney has always been for more debt at the expense of the middle class, especially when it stood to make the wealthy, wealthier."

On Monday, Mr. Obama's campaign hit his Republican rival Mitt Romneywith an ad attacking his credibility on economic leadership. According to top Obama campaign strategist David Axelrod, the buy was worth about $10 million and will run in the most of same states as the Crossroads GPS ad: Colorado, Florida, Iowa, North Carolina, New Hampshire, Nevada, Ohio, Pennsylvania and Virginia.

Watch the Obama campaign video below.