President Barack Obama’s latest campaign ad hits rival Mitt Romney for holding offshore bank accounts and accuses him of shipping jobs overseas — all to the tune of the former Massachusetts governor’s own rendition of “America the Beautiful.”

The 30-second ad “Firms,” released Saturday, comes after a relentless spate of attacks on Romney’s jobs record by the Obama campaign. It repeats charges that Romney shipped American jobs to China and Mexico while at Bain Capital; that he sent jobs to India as governor of Massachusetts; and that he holds accounts in Switzerland, Bermuda and the Cayman Islands.

“Mitt Romney’s not the solution. He’s the problem,” the ad says.

Romney has strongly denied outsourcing American jobs and has defended his role at Bain Capital, most recently during a series of media interviews Friday. He has maintained he had no active role at Bain after 1999 when he left to manage the Salt Lake City Olympics, and that the outsourcing the Obama campaign charges him with occurred after he was finished managing the company. Romney’s campaign has also defended the offshore accounts, saying he paid all the taxes legally required, though has refused to release multiple years of his tax returns.

“As the failures of his presidency become more evident, Barack Obama has resorted to the tactics of a typical politician – dishonest and totally unsubstantiated attacks meant to distract from his own record by smearing the reputation of his opponent,” Romney spokeswoman Amanda Henneberg told the New York Times.

“The Obama campaign appears to be stuck in their own ‘groundhog day,’ repeating the same, debunked charges they’ve waged for weeks in an effort to distract voters from this administration’s failure to fix the economy and create jobs,” she said.

Other Must-Read Stories