In a news release, the group said it would start airing ads in about 10 House districts beginning next week.
Crossroads GPS will spend a total of $7 million over the next two weeks on ads on local network affiliates, national cable stations and the Internet.
"As the debt limit negotiations heat up, we need to counter the power of the President's bully pulpit and make sure Americans are getting the facts," Crossroads GPS President Steven Law said in a statement.
The TV ad targeting Obama, titled "Wake Up," shows a woman, awake in the middle of the night, worrying about her family and her future.
"I supported President Obama because he spoke so beautifully, but since then, things have gone from bad to much worse," she says in a voice-over narration, backed by somber music. "He said spending hundreds of billions on a stimulus would create more jobs, but now all we've got is a lot more debt and more people out of work."
The timing of the ad's release coincides with new unemployment figures released by the Bureau of Labor Statistics on Friday. Unemployment in June ticked up to 9.2 percent. The broader measure of unemployment, which includes people who are unemployed, are in part-time jobs because they can't find full-time work and want a job but have given up looking — rose to 16.2 percent last month.