ABC News’ Emily Friedman reports:

BOSTON – Mitt Romney is out with his first television ad of the presidential race, attacking President Barack Obama for failing to turn around the American economy.

The video, which uses footage from Obama’s trip to New Hampshire in 2008, will go on the air in that state on Tuesday — the same day the president will be touting his own jobs plan in Manchester. The ad will be broadcast on ABC News’ Manchester affiliate WMUR-TV.

In the ad, text rolls over the screen reading, “On October 16, 2008, Barack Obama visited New Hampshire. He promised he would fix the economy. He failed.”

As video footage shows vacated business and foreclosed homes, Obama can be heard saying, “If we keep talking about the economy, we’re going to lose.”

The phrase  was used by Obama in an attack against his then-opponent Sen. John McCain.

(The Romney campaign provided Obama’s full quote in a press release accompanying the ad: “Senator McCain’s campaign actually said, and I quote, if we keep talking about the economy, we’re going to lose.” It’s a reference to an anonymous quote by a McCain adviser that appeared in an Oct. 2008 New York Daily News article.)

“Now, the tables have turned – President Obama and his campaign are doing exactly what candidate Obama criticized,” the Romney campaign said in a statement. “President Obama and his team don’t want to talk about the economy and have tried to distract voters from his abysmal economic record.”

The 60-second ad concludes with a voice over by Romney as footage rolls from various town halls and speeches Romney has given in New Hampshire and from stops in Dubuque, Iowa.

“I’m going to do something to government I call it the smaller, simpler, smarter approach to government,” said Romney. “Getting rid of programs, turning programs back to states and finally making government itself more efficient.”

“I’m going to get rid of Obamacare,” Romney says. “It’s killing jobs and its stopping keeping our kids from having the bright prospects they deserve. We have a moral responsibility not to spend more than we take in. I’ll make sure that America is a job creating machine like it has been in the past. It’s high time to bring those principles of fiscal responsibly to Washington D.C.”

The Romney campaign’s intention to unveil its first ad of the campaign season in New Hampshire was first reported by ABC News.

Ben LaBolt, a spokesman for President Obama’s re-election effort, called the ad “deceitful and dishonest.”

“Just last week fact checkers scolded Mitt Romney for distorting a comment the President made about creating American jobs and now Romney launches a deceitful and dishonest attack rather than outline his own record or plans for the future.  Maybe that’s because Romney said he would let the foreclosure process ‘hit the bottom,’ his economic plan would shift costs onto the middle class rather than restoring their economic security, and he would let Wall Street write its own rules again,” LaBolt said in a statement. “While the President brought us back from the brink of another depression and is fighting everyday to restore economic security for the middle class, Mitt Romney opposes the President’s plan to create 2 million jobs and instead proposes a return to the same economic policies that led to the recession.”

ABC News’ Michael Falcone contributed reporting.