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Obama responds to "you didn't build that" attack in new ad

(CBS News) For days, Mitt Romney has been using President Obama's recent remarks on the economy against him, suggesting the president doesn't support small businesses.

Now Mr. Obama is finally hitting back in a campaign ad slated to air in six swing states.

"Those ads taking my words about small business out of context - they're flat out wrong. Of course Americans build their own businesses," Mr. Obama says in the new ad, speaking directly into the camera while seated in the White House. "Every day, hard-working people sacrifice to meet a payroll, create jobs, and make our economy run. And what I said was that we need to stand behind them, as America always has."

The ad comes after a week of attacks from the Romney campaign over remarks Mr. Obama made last Friday in Virginia, where he argued that successful businesses rely on public resources funded by the government.

"If you were successful, somebody along the line gave you some help," Mr. Obama said. "There was a great teacher somewhere in your life... Somebody invested in roads and bridges. If you've got a business -- you didn't build that. Somebody else made that happen... The point is, is that when we succeed, we succeed because of our individual initiative, but also because we do things together."

Unpacking the "You didn't build that" debate

In ads and in their campaign attacks, Romney and Republicans focused this snippet of Mr. Obama's remarks: "If you've got a business -- you didn't build that. Somebody else made that happen."

Obama campaign spokesperson Jen Psaki told reporters today, "We are not going to stand by while Mitt Romney slices and dices and deliberately takes out of context the president's remarks on businesses."

The ad is slated to start airing Wednesday in Virginia, North Carolina, Florida, Ohio, Iowa and Nevada.

When asked whether the ad illustrates the Obama campaign's concern that the Romney attacks could be gaining traction, Psaki said, "It was important to us to ensure that people knew where the president was coming from, how much he supports entrepreneurs and small business owners, and how their records contrast."

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