8:55AM EDT October 16. 2012 - Bill Clinton is going to bat again for President Obama, cutting a video blasting Mitt Romney over his proposed tax cut.
Clinton says Romney's tax cut proposal adds up to $5 trillion, and can only add to the national debt unless they are accompanied by massive budget cuts or the elimination of tax deductions that benefit the middle class.
The tax cut issue is very likely to surface in tonight's second Obama-Romney debate.
"In the first debate," Clinton says in the video, "Governor Romney said that he wasn't really going to cut taxes on upper income people -- he only wanted to cut taxes for middle class people. That's not true."
In a statement accompanying the video, the Obama campaign says: "President Clinton explains Mitt Romney's $5 trillion tax cut and how middle class families with children will get an average tax increase of $2,000 to pay for $250,000 in tax cuts for multi -millionaires."
Romney says his proposed tax cut will not add up to $5 trillion because it will be offset by eliminating tax deductions and loopholes. He also notes that Obama wants to raise taxes by eliminating George W. Bush-era tax rates for Americans making more than $250,000 a year.
Responding to the Clinton video, Romney spokesperson Amanda Henneberg said:
"They are trying to hide the fact that President Obama is the only candidate running on a plan to increase taxes. In tonight's debate, the choice on taxes will be clear. President Obama wants to raise taxes on small businesses and job creators, which will make our recovery even more difficult. Mitt Romney will lower tax rates across the board, make our businesses more competitive, and bring a real recovery to the American people."