Obama ad: Romney tax plan would send 800,000 jobs overseas

In a new ad released on Saturday by the campaign to re-elect President Barack Obama, Deputy Campaign Director Stephanie Cutter attempted to debunk recent assertions by former Gov. Mitt Romney (R-MA)'s campaign regarding President Obama, China and the economy.

At the outset of the video, Cutter quoted Romney campaign staffer Neil Newhouse's now-infamous statement about how the governor's campaign isn't going to allow itself to be "dictated by fact-checkers."

"Whether the truth matters in this election is not up to the Romney campaign," said Cutter. "It's up to you."

A recent Romney ad blames President Obama for manufacturing job losses that occurred in the first months of Obama's presidency, a trend that has since reversed itself. According to Cutter, under President Obama, the economy has added more than 500,000 manufacturing jobs.

Under Romney's proposed plan, taxes would be eliminated on profits companies make overseas. Cutter pointed to a study that says that incentivizing outsourcing will lead companies to ship up to 800,000 jobs overseas.

Cutter also referred to the part of the new Romney ad that asserts that President Obama hasn't done enough to fight unfair trade practices with China. However, in his own book, No Apology, Romney criticized President Obama for intervening on behalf of American tire workers when China was flooding the market with cheap tires, calling Obama's stance "protectionism."

Watch the ad, embedded via YouTube, below: