Calling for sharp spending cuts and a long-term budget discipline, Romney is trying to frame the campaign against the Democrat as a contest of fairness versus irresponsibility.

"A prairie fire of debt is sweeping across Iowa and our nation and every day we fail to act we feed that fire with our own lack of resolve," Romney said, according to excerpts of a speech he's scheduled to deliver on his first trip to Iowa since January.

The White House promptly dismissed Romney's critique. Press secretary Jay Carney blamed federal overspending primarily on Romney-backed tax cuts for the wealthy that were enacted during President George W. Bush's administration and on the wars in Iraq and Afghanistan.

Carney said Romney wants to repeat policies that led to high deficits and the recession and repeal Obama policies "that reversed the cataclysmic decline on our economy and that now has us growing for 11 straight quarters."