A group of college students from across the nation looking to draft Indiana Gov. Mitch Daniels (R) into the 2012 presidential race have purchased TV ad time in both Iowa and New Hampshire. 

The PAC, called Students for Mitch Daniels, will run a 30-second spot this weekend on a Fox affiliate in Des Moines with later airings planned in New Hampshire and Daniels's home state of Indiana. 

The ad features a Yale student lamenting fiscal recklessness in Washington and labeling Daniels as the consummate fiscal conservative. 

"So I met this guy a couple of years ago," the student in the ad begins, referencing President Obama. "He bought me a car. He even subsidized my medical insurance. Everything was perfect. Until I got my credit card bill. Turns out he was spending all of my money."  

The ad goes on to pitch Daniels as the GOP alternative to Obama in 2012, saying he doesn't have to rely on "fancy rhetoric or empty promises."

According to the Wall Street Journal, Daniels reacted to the spot with laughter, calling it "cute."

"I bet it will run on some tiny cable stations in the middle of the night," he said. "I mean, how much money could these kids possibly have?"

Daniels is weighing a presidential run in 2012.