WASHINGTON (June 25, 2012)--President Barack Obama's campaign is using a new television ad to refute Republican attacks on Mr. Obama's recent assertion that the private sector is "doing fine."

The ad says Republican rival Mitt Romney and his "billionaire allies will spend millions to distort the president's words."

A clip in the background shows Mr. Obama making the comments about the private sector at a recent news conference.

Republicans seized on Mr. Obama's words, calling them a sign he doesn't understand the economy.

Mr. Obama and his aides quickly sought to backtrack, insisting the president knows the economy is not doing fine.

In the new ad, titled "Rebuild," Mr. Obama says he understands when he talks to Americans that the weak economy "wears on them."

The ads are running in nine states, including Florida and Ohio.