Obama ad hits Romney on China, outsourcing

On the eve of the first election debate, President Obama's campaign is running a new ad hitting Mitt Romney over outsourcing and China.

In an ad called "Since When," Obama team says that Romney's private equity company, Bain Capital, invested in an appliance company that "maximized profits by paying its workers next to nothing under sweatshop conditions in China.

"When Mitt Romney led Bain, they saw Global Tech as a good investment even knowing that the firm promoted its practice of exploiting low-wage labor to its investors," the ad says. "Mitt Romney, tough on China? Since when?"

The ad is running the swing states of New Hampshire, Virginia, Florida, Ohio, Iowa, Colorado and Nevada.

Romney aides said the ad is Obama's latest attempt to cover up his own record, including ineffectiveness in dealing with China's unfair trade practices.

From Romney spokeswoman Amanda Henneberg:

"This is another 'overboard' ad from a president who is trying to distract from his failure to stand up to China.

"Four years ago, then-candidate Barack Obama promised to take China to the mat, but refused to label China a currency manipulator because he didn't want them to be embarrassed.

"President Obama's failure to stand up to China has cost our country jobs and is one more reason that we can't have four more years like the last four years.

"Mitt Romney will stand up to China, label them a currency manipulator, protect our intellectual property, and ensure that more jobs stay in America."