Obama and Romney go tit for tat on economy

President Barack Obama has launched a tough new tax-equality pitch in a TV ad asserting that Republican rival Mitt Romney’s economic proposals would mean cuts for the wealthiest Americans and higher bills for everyone else.

Romney hit back with a new spot timed to Obama’s appearance yesterday in Florida and calling the president a “disappointment” for a statewide economic picture that has not improved under his watch.

The latest offensives come as Obama and Romney take their campaigns to three of the most contested states: Florida, Colorado and Virginia. It also comes as a bitterly divided Congress pushes toward summer break with votes that centre on front-burner issues like taxes and spending.