President Obama's campaign launched a new TV ad today slamming Mitt Romney, charging he had "one of the worst economic records in the country" as governor of Massachusetts.

The Obama ad turns one of Romney's signature campaign lines -- "I know what it takes to create jobs" -- against the presumptive Republican presidential nominee.

"Remember, we've heard it all before," the narrator says in the ad.

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The fight over jobs and the economy is the top issue in what many expect will be a close presidential election. Romney has been criticizing the president for the recent weak jobs report for May, in which the unemployment rate inched up to 8.2% and 69,000 jobs were created last month.

The ad charges that manufacturing jobs were lost during Romney's term (2003-2007) and that Massachusetts ranked near the bottom in creating jobs on the Republican's watch. Here's what the narrator says:

When Mitt Romney was governor, Massachusetts lost 40,000 manufacturing jobs, a rate twice the national average, and fell to 47 in job creation, fourth from the bottom. Instead of hiring workers in his own state, Romney outsourced call center jobs in India. He cut taxes for millionaires like himself while raising them on the middle class and left the state $2.6 billion deeper in debt.

Andrea Saul, a spokeswoman for the Romney campaign, said the ad seeks to deflect attention away from Obama's "weak record" and the latest jobs report.

"Having abandoned 'Hope and Change,' the Obama campaign only 'Hopes To Change The Subject' from an abysmal jobs report," she said in an e-mail. "We're happy to compare the 4.7% unemployment rate Mitt Romney achieved in Massachusetts to President Obama's weak record any day. President Obama's policies have failed to get Americans back to work – it's time for a president who has worked in the real world economy and understands how to get this economy moving again."

Obama strategist David Axelrod said the campaign is spending about $10 million to air this anti-Romney ad. It will be shown in battleground states such as Colorado, Florida, Iowa, North Carolina, New Hampshire, Nevada, Ohio, Pennsylvania and Virginia.

(Contributing: Aamer Madhani)