A pro-Romney super PAC is spending more than $10 million on a new television advertisement criticizing Obama's handling of the economy as the nation's unemployment rate lingers above 8 percent.

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"Another month. Even more Americans jobless," says the narrator in the ad from the group, Restore Our Future, which is led by people with close ties to Romney. The spot will air for more than a week across 11 presidential battleground states, including Colorado, Florida, Iowa, Michigan, Nevada, New Hampshire, North Carolina, Ohio, Pennsylvania, Virginia and Wisconsin.

Democrats are banking on Ryan and his controversial budget proposals overshadowing Romney's message and Republican attacks on Obama's economic performance.

Since Romney formally named Ryan as his running mate on Saturday, the Obama campaign has gone after the Republican budget architect's plans to transform Medicare into a voucher system and re-shape the nation's tax system.

A top Obama political adviser, David Axelrod, said Monday that Romney's selection of Ryan is reminiscent of John McCain's choice of Sarah Palin four years ago.

He told "CBS This Morning" he remembers the initial excitement surrounding Palin's selection, but says he doesn't believe the choice of Ryan "is going to be a plus for Mr. Romney."

Axelrod called Ryan "a genial fellow" who advocates harsh policy positions, particularly on Medicare.

Ryan figures to play prominently in Obama's message during his three-day bus tour across Iowa, his longest visit to a single state during the campaign.

Obama's bus tour began in Council Bluffs, across the Missouri River from Omaha, Neb., and head across the state before wrapping up in Davenport along the Mississippi River.

Ryan, a 42-year-old congressman, is best-known for proposing to reshape Medicare by setting up a voucher-like system to let future retirees shop for private health coverage or choose the traditional program. Independent budget analysts have said the plan would probably mean higher out-of-pocket costs for seniors.

Looking to define the Republican ticket's views on Medicare, the Obama campaign released an online video Monday featuring seniors in Florida talking about how Ryan's proposed changes to the popular health care program could affect them.

"It doesn't make any sense to cut Medicare," says one woman.

The video aims to portray the Romney-Ryan ticket as a threat to Medicare and Obama as its protector.

The commercial comes as Romney gently tries to distance himself from his running mate's budget plan, making clear that his ideas rule, not Ryan's.

"I have my budget plan," Romney said, "And that's the budget plan we're going to run on."

The Romney campaign, meanwhile, released a new ad accusing the Obama administration of "gutting welfare reform."

The new television advertisement released Monday accused the Obama White House of stripping the work requirement from the nation's welfare law. It's the same charge the Republican candidate levied in a separate ad last week. Independent fact checkers have found the premise of the ad to be false.