RNC targets Obama on the economy during Olympics in TV ad

The thirty-second spot titled, "Again," which is part of the RNC's independent expenditure ads, revisits accusations from GOP presidential challenger Mitt Romney that economic stimulus money went to foreign investments and political allies of the president.

"President Obama's first-term economic plan — an $800 billion stimulus … while American waited for work, millions were spent in foreign countries, millions went to political insiders, millions more unaccounted for," a narrator says in the ad. "Now your money is gone and so are nearly 500,000 jobs. His plan for a second term — do it again."

The commercial is set to air during the Olympics on national cable and in Colorado, Iowa, New Hampshire, North Carolina, Nevada, Ohio, Virginia and Wisconsin.

“President Obama may think his economic plan worked but looking at today’s GDP numbers it’s clear the president is out of touch,” said RNC Chairman Reince Priebus in a statement. “Instead of helping 23 million Americans struggling under a slow economy, Obama’s stimulus plan sent money to his political insiders, went to foreign countries, or wasn’t accounted for. It did everything except do what President Obama promised it would: create jobs for the American people."

Obama's campaign was out with its own ad Friday, countering the GOP narrative and portraying the president as strong on the economy and as an advocate for the middle class.

"We're a nation of workers and doers and dreamers. We work hard for what we get and all we ask for is that our hard work pays off. I believe that the way you grow the economy is from the middle out. I believe in fighting for the middle class because if they're prospering, all of us will prosper," says Obama in the ad.

Democrats have hammered Romney over reports about offshore bank accounts and foreign business dealings, as well as accusations that the Republican presidential hopeful had a part in outsourcing jobs during his tenure at the private-equity firm Bain Capital.