Ahead of the second presidential debate, former President Bill Clinton hit out at Mitt Romney’s proposed tax overhaul in the latest Obama campaign video which was released on Tuesday.

Clinton says that the GOP candidate’s tax cut proposal only adds up to $5 trillion, which will only add to the national debt unless accompanied by massive budget cuts or the elimination of tax deductions.

"In the first debate," Clinton says in the video, "Governor Romney said that he wasn't really going to cut taxes on upper-income people -- he only wanted to cut taxes for middle-class people. That's not true."

In a statement accompanying the video, the Obama campaign says: "President Clinton explains Mitt Romney's $5 trillion tax cut and how middle-class families with children will get an average tax increase of $2,000 to pay for $250,000 in tax cuts for multimillionaires."

During the Democratic National Convention, the former president delivered a similar message, where he criticized the former Massachusetts governor's tax reform agenda.

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Responding to the Clinton video, Romney spokeswoman Amanda Henneberg said:

"They are trying to hide the fact that President Obama is the only candidate running on a plan to increase taxes. In tonight's debate, the choice on taxes will be clear. President Obama wants to raise taxes on small businesses and job creators, which will make our recovery even more difficult. Mitt Romney will lower tax rates across the board, make our businesses more competitive, and bring a real recovery to the American people."

Obama and Romney went head to head last night at Hofstra University in New York in the penultimate presidential debate.

President Clinton Explains Mitt Romney's $5 Trillion Tax Cut