By Meghashyam Mali - 07/18/12 11:39 AM EDT
"Where did all the Obama stimulus money go?” the ad begins, over footage of burning money. "Friends, donors, campaign supporters, special interest groups.”
The ad hits the Obama administration in particular on its support for green energy programs.
The ad closes with a clip of Democratic Sen. Charles Schumer (N.Y.) citing a report which found that in one program, "79 percent of the $2.1 billion in stimulus grants awarded through it went to overseas companies."
Romney's campaign which has been on the defensive over his record at private equity firm Bain Capital and faced renewed calls to release additional tax records has pushed back this week alleging that Obama gave special treatment to campaign contributors, accusing him of "crony capitalism."
"President Obama’s time in office has been marked by political payoffs to the donor class and layoffs for the middle class. He showered his friends with stimulus funds and sent millions of taxpayer dollars overseas," said a statement from the Romney campaign announcing the new ad. "If we can’t trust him with our money, why should we trust him for another four years?"
“I am ashamed to say that we’re seeing our president hand out money to the businesses of campaign contributors," Romney personally charged during a campaign rally in Pennsylvania on Tuesday.
The Obama campaign has countered that Romney is seeking to distract attention from his business record and lack of transparency on his personal finances. Democrats have hammered Romney to release additional tax returns after a report last week detailed offshore accounts held by the presumptive GOP nominee.