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Crossroads announcing $25 million ad push

By Philip Elliott

Associated Press

Published: Wednesday, May 16 2012 2:53 p.m. MDT

FILE - In this May 15, 2012 file photo, Republican presidential candidate, former Massachusetts Gov. Mitt Romney speaks in Des Moines, Iowa. An independent group favoring Republican presidential rival Mitt Romney is launching a $25 million, monthlong advertising campaign in 10 states against President Barack Obama, further escalating an expensive TV ad war in presidential battlegrounds six months before Election Day.

Charlie Neibergall, File, Associated Press

WASHINGTON — An independent group favoring Republican Mitt Romney is launching a $25 million, monthlong advertising campaign against President Barack Obama in 10 states, further escalating an expensive TV ad war in presidential battleground states less than six months before Election Day.

Crossroads GPS was opening its effort Thursday, spending $8 million on an that castigates Obama on the economy by using his words against him.

"We need solutions, not just promises," says the 60-second commercial that's to run in Colorado, Florida, Iowa, Michigan, North Carolina, New Hampshire, Nevada, Ohio, Pennsylvania and Virginia.

It shows clips of Obama making pledges that critics say he hasn't kept on issues like taxes, health care and federal deficits.

"We must help the millions of homeowners who are facing foreclosure," Obama says in a clip from June 2008. The ad then says: "Promise broken. One in five mortgages are still under water."

Obama, Romney and their allies are in a rush to define each other negatively before voters tune out during the summer. Already, both sides are going for the jugular in a sign of the sharply negative race to come.

Crossroads GPS' ad push is the latest to illustrate the degree to which this presidential campaign is playing out under dramatically looser campaign finance laws after a series of Supreme Court decisions allowed independent groups to raise and spend unlimited sums as long as they don't coordinate directly with the campaigns they support.

The push also comes as several other Republican-leaning super PACs have been spending millions on ads in key states to tear down Obama while Romney, the underfunded challenger to the record-shattering Democratic president, focuses on raising money after a primary season that left him broke and battered.

The super PAC Restore Our Future, staffed with former Romney aides, has spent $4.3 million, while Americans for Prosperity, the Koch brothers' group, has spent $5 million. The American Future Fund, whose goal is to promote conservative and free-market ideas, is spending an additional $4.7 million to run a one-minute ad suggesting Obama hasn't cracked down on Wall Street because of his campaign's fundraising. "Tell Obama to stop protecting his Wall Street donors," the ad says.

On the Democratic side, Obama's campaign has launched its own $25 million, monthlong ad push in the most competitive states. In recent days, it's started going after Romney's business credentials, specifically his time at the helm of the private equity firm Bain Capital. The campaign was running an ad Wednesday on the matter but in just a handful of states and at a very low price tag, just under $100,000.

But the real money to promote the same message was coming from a pro-Obama super PAC, Priorities USA Action. It's spending $4 million to air its new ad, which is remarkably similar to the one from Obama's campaign. Both highlight the failure of GST Steel, a Kansas City, Mo.-based company purchased by Bain Capital that went bankrupt and laid off 750 workers in 2001.

Unlike the groups on the right, Priorities USA Action has struggled to raise money, taking in about $10 million through its super PAC and affiliated nonprofit arm by the end of March. The group has spent only $2.7 million on ads in May.

Still, Obama's campaign opened the month of April with more than $100 million in the bank, a 10-to-1 fundraising advantage over Romney. On Wednesday, the president's re-election team reported raising a combined $43.6 million in April for his campaign and the Democratic Party.

Although Obama's April haul fell short of the $53 million he brought in in March, he remains far ahead of Romney in the amount of cash on hand. The president also pulled in about $15 million last week at a Hollywood fundraising event.

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