The Obama administration is "drowning" the U.S. in debt, a new Republican National Committee (RNC) video to be released online this morning alleges.

The ad takes aim at both the political and the personal, targeting President Obama for spending money on the stimulus package and for controversial promotional photos of Air Force One -- as well as spending $500 on courtside seats to a Washington Wizards' game and $2,000 on the new First Dog, Bo.

"Drowning your country in debt: Priceless," a narrator concludes in the ad, modeled on Mastercard's popular "priceless" line of ads.

"There are some things your money shouldn't buy, but that's not gonna stop him from trying," the ad concludes.

The ad comes as Obama is expected to discuss credit card reform legislation during a town hall meeting in New Mexico on Thursday. Obama also spoke of the need for credit card reform during his weekly radio address last weekend.

"President Obama has decided to take credit card companies to task when his own administration and Congressional Democrats are responsible for the record breaking $1.84 trillion federal budget deficit," RNC Chairman Michael Steele said in a statement accompanying the video.

Steele also asserted that Obama and the Democratic Congress are " sinking America deeper into an ocean of debt" by virtue of their spending practices.