Mitt Romney's first paid campaign ad of the 2012 presidential campaign has been criticised as "deceitful and dishonest". The minute-long ad uses footage from a 2008 campaign stop in New Hampshire, where Obama said: "If we keep talking about the economy, we're going to lose." However, the full quote was actually: "Senator McCain's campaign actually said, and I quote, 'If we keep talking about the economy, we're going to lose.'" Obama was quoting (and criticising) his GOP rival, but it has been edited to sound as if he was saying it himself.

The ad has already drawn widespread criticism in the US, with Romney accused of misleading the public. Obama's campaign instantly said it was "deceitful". However, in an email to Politico, the Romney camp defended the move. Adviser Eric Fehrnstrom said:

We used that quote intentionally to show that President Obama is doing exactly what he criticized McCain of doing four years ago. Obama doesn't want to talk about the economy because of his failed record.

It's not clear yet who comes off worse from this -- Romney risks being painted as a liar (particularly after some incidences of dishonesty in his campaign), but regardless of this, the economy is a difficult subject for Obama. Gloves off.