The Karl Rove-affilited Crossroads GPS political action committee is running yet another spot in Florida, this one called "Stopwatch," which attacks the president for the national debt. It's spending $1.7 million on this spot, and $7 million nationwide on it, as part of a $25 million campaign.
Echoing the conservative line, the ad wants Obama to "stop the spending," and makes no mention of the idea that the national debt could also be reduced by raising some taxes (anathema to Republicans). It also says 'he's adding $4 billion in debt every day... borrowing from China for his spending."
Unmentioned: The debt has grown by an average of $4.2 billion per day since January 2009, meaning some of the debt is also the result of Obama's predecessor's time in office and the previous congress. So it's not all Obama and it's not as if he personally is asking China for the money. And China isn't the number-one debt holder. It might account for a sizable 8-10 percent. But more than two-thirds of U.S. debt is held by domestic U.S. institutions and investors.
None of this means that spending and debt hasn't increased under Obama. It has. But it's not like he's doing it all on his own to help China.
Update: Here's former Obama campaign spox and current Priorities USA PAC leader Bill Burton: "In rushing to defend his candidate, Karl Rove has highlighted one of Governor Romney’s key weaknesses. As CEO, Romney often made millions by loading up companies with unsustainable debt to pay himself fees. As Governor, Romney increased state debt by $2.6 billion – leaving the state with the highest debt per capita in the country. Now Romney is proposing to add $3.4 trillion to our debt with new tax cuts for the very wealthiest Americans. In business and government, Romney has always been for more debt at the expense of the middle class, especially when it stood to make the wealthy, wealthier."