Ron Paul is out with a new ad that calls his GOP rivals "serial hypocrites" and "flip-floppers."

The ad claims that the "Washington machine is strangling our economy" and politicians who supported bailouts and mandates can't clean up the mess.

While never mentioning them by name, a picture of Newt Gingrich appears with the words "serial hypocrite" and a picture of Mitt Romney accompanies "flip-flopper."

The ad then gives a rundown of Paul's budget plans including the elimination of a trillion dollars from the federal budget in year one and a balanced budget in three years.

The campaign said in a statement that it will begin airing the new 30-second ad today in the early primary voting states of Iowa and New Hampshire.

Just a under a week before the first voting contest of the 2012 election, Paul's GOP rivals are trying to blunt his appeal among undecided voters.

Newt Gingrich, who Paul has been aggressive in labeling a serial hypocrite in previous ads,  told CNN's Wolf Blitzer on Tuesday that he could not support Paul if he won the Republican nomination, adding his "views are totally outside the mainstream of virtually every decent American."

"I think the choice of Ron Paul or Barack Obama would be a very bad choice for America," said Gingrich.

Rick Santorum warned voters to carefully study Paul's record calling him "left of Barack Obama on national security."

Michele Bachmann, in an appeal to social conservatives, said during a stop in Council Bluffs, Iowa, that "Ron Paul doesn't believe the government should protect the institution of marriage."

Rick Perry, meanwhile, has been invoking Paul's stance on Iran at campaign events in which Paul has said belligerent comments over the possibilityof Iran having nuclear weapons were similar to what got the U.S. into war with Iraq. President Bush claimed Iraq had a nuclear weapons program, which turned out not to be true.