UPDATE: Bill Clinton responds, says his comments have been twisted. Full reaction in jump.

The Karl Rove/Ed Gillespie SuperPac CrossRoads Grassoots Policy Strategy says it is spending $770,000 in Florida to air this TV spot featuring Bill Clinton opposing tax increases during a recession. It's part of a $2.6 million buy in Colorado, Florida, North Carolina, Ohio, and Pennsylvania. 

Statement by Bill Clinton:

"The Republican Group American Crossroads has used a quote from me in a video opposing President Obama's jobs plan and the "Buffett Rule." The advertisement implies that I opposed the "Buffett Rule."  In fact, I support both the American Jobs Act and the "Buffett Rule." I believe that it's only fair to ask those of us in high-income groups -- who have received the primary benefits of the last decade's economic growth and the majority of its tax cuts as well -- to contribute to solving our long term debt problem. What I did say was that the "Buffett Rule" cannot solve the problem alone. Reducing the debt requires three things: more economic growth, more spending cuts, and more revenue. Right now, the most important thing is to put America back to work.  That's why I support the American Jobs Act."