President Obama's reelection campaign is releasing a new television ad to run during tonight's opening ceremony of the Olympic Games.

In the ad, entitled "I Believe," President Obama makes his case for "middle out" economics using clips from the speech in which he delivered the now infamous "you didn't build that" line.

"We're a nation of workers and doers and dreamers. We work hard for what we get and all we ask for is that our hard work pays off," the president's voice is heard as shots of Americana are seen on the screen.

"I believe that the way you grow the economy is from the middle out. I believe in fighting for the middle class because if they're prospering all of us will prosper," he continues.

The clips are taken from the president's speech earlier this month in Roanoke, Va., the same speech in which he also said "if you've been successful, you didn't get there on your own… If you've got a business - you didn't build that. Somebody else made that happen."

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Republicans and Mitt Romney's campaign have spent the past two weeks hammering the president for degrading small business owners in his remarks.

This week the president fired back, accusing Romney of "twisting my words."

"I understand these are the games that get played in political campaigns, although when folks just omit entire sentences of what you said they start kind of splicing and dicing, you may have gone a little over the edge there," the president told donors in Oakland on Monday.

While viewers will hear the president's campaign message on television during the opening ceremony, his rival will be attending in-person. Romney is in London to participate in the Olympic festivities as part of his three-country foreign tour.

Responding to the new ad, the Romney campaign says "under President Obama, more and more Americans are working harder for less. Confidence is down, unemployment is high, and the middle class is suffering."

"Mitt Romney knows you don't build a strong economy by denigrating small business owners, raising taxes, and growing government - and he has a pro-growth plan that will help turn our economy around and put people back to work," a Romney campaign spokesperson said.