The conservative group Crossroads' GPS policy arm is going up with a significant $5 million advertising campaign next week, attacking President Obama on the economy, according to a copy of the ad shared with National Journal.
Over the next two months, the group's television campaign targeting Obama's record on the economy will total $20 million.
The first ad, which begins airing next Monday, shows a clip of Obama joking this month that some of the shovel-ready projects in the stimulus "was not as shovel ready as we expected" while highlighting rising unemployment and gas prices since he took office.
"Obama's $830 billion stimulus failed," a narrator says in the ad. "14 million out of work. America drowning in debt. It's time to take away Obama's blank check."
The ad will be running on cable nationwide and also in key battleground states that Obama is focused on holding for his re-election. They include: including Colorado, Florida, Iowa, Missouri, North Carolina, New Mexico, Nevada, and Virginia. It will be running for two weeks.
The $20 million that the Rove-aligned group has committed to the ad campaign - well over one year before the presidential election - is a telling indicator of how much clout it will be wielding in the 2012 campaign. It raised about $70 million for the entire 2010 cycle on Senate and House races. In just one campaign, it's spending a significant sum of that to attack President Obama at this early stage.
And the money on this one ad campaign alone is more than three times the $6.2 million that the Republican National Committee, which usually funds ads like these, has in cash on hand. (That doesn't include the $18.5 million the RNC has in debt.)
The group today announced, at a Christian Science Monitor breakfast, it had pledged to raise about $120 million for the 2012 cycle as it attempts to amplify the Republican message in the presidential election, as well as battleground Senate and House contests.
American Crossroads officials have raised the specter that President Obama is poised to raise $1 billion for his re-election, raising the stakes for outside Republican groups to level the playing field. Its GPS sister organization doesn't have to disclose donors.
A new report filed yesterday with the Federal Election Commission (FEC) shows that American Crossroads has raised $3.8 million this year. Over 90 percent of that money came from just three donors. The group spent about $600,000 to help Republican Jane Corwin in an off-year House election, but Democrats picked up the seat.
The group just went up this week with a $50,000 radio ad attacking one of the more vulnerable Democratic senators up for re-election next year, Sen. Claire McCaskill, D-Mo.
View the ad after the jump: