Obama, Romney spar over economic plans

Associated Press

GOLDEN, Colo.

Mitt Romney promised Thursday that his economic program will create 12 million jobs in the next four years, and likened President Barack Obama to a “dog trying to chase its tail” when it comes to strengthening the sluggish recovery.

Firing back instantly, Obama said his rival favors “trickle-down fairy dust” that has failed to fix the economy in the past, and unleashed a new television ad with a scathing summation of Romney’s tax plans: “He pays less. You pay more.”

The two men campaigned in battleground states hundreds of miles apart, the incumbent in Florida, his challenger in Colorado, both on a mission to convert undecided voters to their side in a race dominated by the economy and high joblessness.

Nor was there any summer lull in the television ad wars. Americans For Prosperity, an independent group that backs Romney, intends to launch a $25 million ad campaign beginning next week. The organization was founded by David and Charles Koch, billionaire brothers, and has spent about $15 million in swing states this year on ads attacking Obama.

For Romney, the day meant a return to domestic campaigning after a weeklong overseas trip. Aides say he intends to disclose a vice presidential pick before the Republican National Convention opens Aug. 27 in Tampa, Fla.

Instead, he unveiled what aides called Romney’s plan for more jobs and more take-home pay.

After the release of today’s jobs report, Obama planned to use the backdrop of the White House and surround himself with families who would benefit from the election year middle-class tax cut he’s pushing Congress to adopt. “As dysfunctional as Washington can be, this fight is far from hopeless,” White House senior adviser David Plouffe said in an email.