Romney says Obama is 'like a dog chasing its tail' over economy as he uses small business owners to attack President

  • Both candidates take to swing states to push economic message
  • Romney billboard in Florida features entrepreneurs saying: 'Mr President, I built my business' in reference to Obama controversy
  • President argues Republican wants to reduce his own taxes in budget plan

Mitt Romney has launched another attack on Barack Obama, arguing that the President is anti-business and has run out of ideas to boost the struggling economy.

The Republican candidate, who has just returned from a trip to Europe, said Mr Obama was 'like a dog trying to chase its tail' in his economic policies during a speech on Thursday in Golden, Colorado.

While the President was campaigning hundreds of miles away in Florida, Mr Romney's message followed him there as his campaign put up billboards criticising his controversial statement that small business owners are not responsible for their own success.

Mr Obama was greeted with ads from Mr Romney featuring entrepreneurs with the message: 'Mr President, I built my business.'

Attack: Mitt Romney once again criticised the President's approach to economic growth in a Colorado speech

Attack: Mitt Romney once again criticised the President's approach to economic growth in a Colorado speech

Counter-attack: Mr Obama is accusing Mr Romney of trying to reduce his own tax rate

Counter-attack: Mr Obama is accusing Mr Romney of trying to reduce his own tax rate

Billboard: This campaign ad takes aim at Mr Obama's claims that small business owners rely on others

Billboard: This campaign ad takes aim at Mr Obama's claims that small business owners rely on others

The President fired back with a claim that the GOP candidate supports 'trickle-down fairy dust' that has been shown not to improve the economy, and summarised Mr Romney's tax plans in a scathing television ad: 'He pays less. You pay more.'

For Mr Romney, Thursday saw a return to domestic campaigning after a weeklong overseas trip. He is expected to announce his running mate soon, but the former Massachusetts governor gave no indication during the day that he has made a decision.

Instead, he unveiled a plan for more jobs and more take-home pay, coupled with a self-generated report card that said Massachusetts enjoyed better economic times when he was governor than the nation has under Mr Obama.

Mr Romney said his economic policies would lead to the creation of 12million jobs over the first four years, and help make North America energy-independent.

He pledged to expand international trade, particularly with Latin America, and vowed to confront China over its own policies.

Star-studded: Mr Romney appeared with ten Republican governors at an event in Basalt, Colorado

Star-studded: Mr Romney appeared with ten Republican governors at an event in Basalt, Colorado

Say cheese: The President posed with a group of children at a restaurant in Orlando, Florida on Thursday

Say cheese: The President posed with a group of children at a restaurant in Orlando, Florida on Thursday

'I'm finally going to sit down with the Chinese and they're going to understand that if they cheat there are going to be consequences, because we're not going to let them walk all over us,' Mr Romney said.

He said he would help small business owners, improve the education system and cut spending to reduce the deficit, but he offered relatively few specifics.

Mr Romney has previously he wants to extend the tax cuts due to expire on December 31 and grant a new 20 per cent cut in tax rates in addition to stimulate growth.

He has also said he will reverse some of Mr Obama's proposed defence cuts, and simultaneously reduce spending on other programmes in a way that deficits would gradually subside.

But he has so far refused to identify which existing tax breaks he would curtail to accomplish his goals, and generally avoided naming individual programmes he wants to cut or eliminate.

In his remarks during the day, Mr Romney said he wants federal education funds that aid the disadvantaged and disabled to be tied to the student rather than flow to school districts, as is now the case. But he did not specify how much he would cut from them to achieve his goal of reducing federal deficits.

He criticised Mr Obama for signing legislation that cut $500billion from Medicare over a decade. But he did not say whether he would restore the funds, and he has spoken favourably in the past of a House-passed budget that left the reductions in place.

Crowd: The GOP candidate climbed on a table to address a throng of supporters at a fairground

Crowd: The GOP candidate climbed on a table to address a throng of supporters at a fairground

Hungry for victory: Mr Romney boarded his campaign aeroplane with a bag of McDonald's in hand

Hungry for victory: Mr Romney boarded his campaign aeroplane with a bag of McDonald's in hand

In his comments, Mr Romney said Democrats have a different view. 'They think we should just raise taxes,' he said. 'The problem is when you raise taxes you lower growth.'

Mr Obama's approach is 'like a dog trying to chase its tail, you just don't ever get there,' he added. 'So the right answer is not to raise taxes. The right answer is to cut taxes and cut spending.'

For the second day in a row, Mr Obama cited a study by the nonpartisan Tax Policy Center that says Mr Romney and other millionaires would receive a tax cut of approximately $250,000 a year if the former Massachusetts governor gets his way.

'This analysis also found that if Governor Romney wants to keep his word' about reducing deficits, 'the average middle-class family with children would be stuck with a tax increase of more than $2,000,' he added.

The President's new campaign ad was delivering the same highly personalised message. It says that Mr Romney has paid a lower proportion of his income in taxes than many people of lesser means and adds: 'He pays less, you pay more.'

Mr Romney's personal wealth has been estimated as high as $250million, but he has not so far made public any detailed disclosure of his holdings.

The Republican rolled out his own new ad, giving a less-than-warm welcome to Mr Obama on a day Air Force One touched down in Florida. It notes that the state still suffers from high unemployment, record home foreclosures and an increase in poverty.

'Barack Obama: What a disappointment,' it says.