The ad begins Friday and airs in battleground states Ohio, Florida, Virginia, Minnesota, Nevada, Iowa, Colorado and New Mexico.
The ad accuses Obama of wasteful spending on energy and stimulus funding.
AFP previously made significant ad buys in swing states hitting Obama over the failed federal loan guarantees to the alternative energy company Solyndra. The conservative group announced a $6 million ad buy in January and a $2.4 million ad buy in November. The group has played a major role in organizing Tea Party rallies.