Updated

Mitt Romney wasted no time taking the President to task over his newly announced tax proposal today in Colorado, warning the packed high school auditorium to, "hold onto your wallets" during a town hall in Grand Junction -- the first town hall he has held since early May.

Standing in front of new signage reading "Obama's Upside Down Economy," Romney told the animated crowd that the President's decision to extend Bush era tax cuts for one year to individuals making under $250 thousand is a "kick in the gut" to the middle class, not a means to lower taxes as Obama touts.

"In fact, he didn't lower taxes for anybody," Romney said. "For some people, he announced, your taxes are going to stay the same -- in Washington, that means you lower taxes. For others, for job creators and small businesses, he announced a massive tax increase."

"So, at the very time, the American people are seeing fewer jobs created than we need, the president announces he's going to make it harder for jobs to be created," Romney said to loud boos from the crowd.

Next, Romney took aim at Obama for outsourcing jobs, a line of attack commonly used by the Obama camp over the GOP candidate's days at Bain Capital. Dubbing the President "Outsourcer-in-Chief" Romney pointed to jobs created overseas with the stimulus money.

"It is interesting that when it comes to outsourcing that this president has been outsourcing a good deal of American jobs himself." Romney said. "By putting money into energy companies -- solar and wind energy companies that end up making their products outside the United States."

In Iowa -- close to an event held by Obama -- RNC Chairman Priebus echoed the new attack line by unveiling a website devoted to "exposing" jobs they claim the President has outsourced.

The Obama camp countered the new offensive calling it, "false and desperate." In a "Truth Team" email, the campaign cites 3.5 million jobs Obama created in America, breaking it down by sector, and called the outsourcing claims "bogus."

Additionally, the Obama campaign released the following statement in defense of the President's job creation: "Mitt Romney's plans encourage outsourcing. Barack Obama wants to end incentives to send jobs overseas. President Obama has fought to end tax breaks for companies that ship jobs overseas, fostered incentives for companies to bring jobs back to America and doubled the rate of trade cases we've brought against China to ensure an even playing field for American workers."