Crossroads mocks Obama as 'fourth greatest' president in 'Masterpiece'-style Web video

The video features past clips of President Obama comparing his foreign-policy accomplishments to other those of presidents, and defending the economic problems facing Treasury Secretary Timothy Geithner as the worst since Alexander Hamilton. The video also derides Vice President Biden for a spelling gaffe.

"America's fourth greatest president, second greatest Treasury secretary and 47th greatest vice president," says a British accented narrator in the video. "Together only they could raise the debt limit to $16 trillion and keep 13 million American out of work."

The economy has become the central issue the 2012 presidential campaign as Obama and the presumptive GOP nominee, Mitt Romney, fight to prove they are best suited to create jobs and spur growth.

American Crossroads, the outside spending group backed by Karl Rove, announced in late April that it has nearly $25 million cash on hand, a demonstration of the power the outside spending group could have in the election.

The video's release comes on the same day Obama heads to Camp David for the G-8 summit with global leaders. National security adviser Thomas Donilon highlighted the urgency of the European debt crisis during a Thursday briefing with reporters previewing the G-8. 

The United States has an “extraordinarily significant stake” in Europe’s management of the economic crisis, Donilon said, and Obama looks forward to “leading the discussion” with global leaders at the weekend’s meeting.