WASHINGTON (AP) — President Barack Obama and Republican rival Mitt Romney's campaigns traded accusations of lying Thursday, ratcheting up an already heated race for the White House.

The Romney camp's charge came in a hard-hitting new television ad that accuses Obama of misleading, unfair and untrue attacks. The Obama campaign hit back, blasting Romney's "big Bain lie" after a newspaper report cited a possible discrepancy in the presumptive GOP's nominee's business record.

Both sides looked to paint the other as little more than the typical politician as they sought an edge in what polls have shown to be a neck-and-neck contest.

The Romney campaign ad, titled "No Evidence", accuses Obama of launching false attacks that depict the former Massachusetts governor as someone who shipped jobs overseas when he ran Bain Capital, the private equity firm he helped found. The ad, which will run in several battleground states, asks voters: "When a president doesn't tell the truth, how can we trust him to lead?"

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