Just in from the Mitt Romney campaign, here's the transcript of a new radio ad they are airing in New Hampshire:

ANNOUNCER:  "Remember?  Last time John McCain attacked President Bush's integrity."

JOHN MCCAIN:  "His ad twists the truth like Clinton.  We're all pretty tired of that."

ANNOUNCER:  "Comparing Bush to Clinton?  He was wrong then, and he’s wrong about Mitt Romney now.

"The truth?  'McCain is not as conservative as Romney.'

"'He voted against the Bush tax cuts.'

"On immigration, McCain supported this year's amnesty bill.

"Higher taxes, amnesty for illegals.

"That's straight talk for being in Washington too long."

GOVERNOR MITT ROMNEY:  "I'm Mitt Romney and I approve this message."

I don't know whether this hurts McCain (by questioning his integrity and record) or helps him (by stoking a backlash to Romney's negative attacks).  But Democrats listen to the radio, too.  And I assume that means the ad will hurt Hillary Clinton, insofar as her association with the past -- and all the acrimony during her husband's presidency -- has become a liability for her candidacy. 

--Jonathan Cohn