BY WESLEY P. HESTER

Mitt Romney’s campaign is out with a new TV ad in Virginia and other swing states accusing President Barack Obama of cronyism and the misuse of stimulus dollars.

The 30-second ad, titled “Where did all the money go?” claims the president sent taxpayer dollars overseas, to failed companies and political allies.

“Where did all the Obama stimulus money go? Friends, donors, campaign supporters, special interest groups,” the ad’s narrator says. “Where did all the Obama stimulus money go? Solyndra, $500 million taxpayer dollars, bankrupt. So where did the Obama stimulus money go? Windmills from China, electric cars from Finland.”

The ad closes with a clip of Democratic U.S. Sen. Charles Schumer of New York saying: “79 percent of the $2.1 billion in stimulus grants awarded through it went to overseas companies.”

The ad is part of a counter-offensive launched by the Romney campaign Monday after weeks of attacks from the Obama camp on Romney’s private sector record and finances. 

“Mitt Romney’s desperate to avoid answering serious questions about his tenure at Bain Capital and his investments in foreign tax havens and offshore accounts,” responded Obama campaign spokeswoman Lis Smith. “So he’s joined his surrogates and allies in launching over-the-top attacks that independent fact-checkers and news organizations have said are ‘flat out false,’ ‘wrong,’ and use ‘weasel words.’”

Obama’s campaign has also released several ads that have been found to be factually challenged by fact-checking organizations.