Mitt Romney is up with a new ad in Iowa framing decreased government spending as a "moral responsibility."

"We have a moral responsibility not to spend more than we take in," Romney says in clips from his stump speech. "We can’t keep buying and spending and passing on debts to our kids. And I'll stop it. My test for the federal government is this: Is this program so critical, so important that it’s worth borrowing money from China to pay for it? It is a moral responsibility to believe in fiscal responsibility. We do, and I do."

The ad comes on the heels of a barrage of negative attacks an outside group run by Romney supporters has unleashed on Newt Gingrich. Iowa will host the final GOP debate before voting begins Thursday night.

Watch the ad here: