Hillary Clinton's campaign on Thursday pulled a controversial ad about rival Barack Obama that has been panned by several independent observers and called inaccurate by the Obama camp.

The ad, which was running on South Carolina radio ahead of Saturday's Democratic presidential primary there, featured Obama's recent comments about the GOP in which he said that the Republicans were "the party of ideas for a pretty long chunk of time."

"Really?" the narrator says in the ad. "Aren't those the ideas that got us into the economic mess we're in today?"

Obama made the remarks in an interview last week with the Reno Gazette-Journal editorial board before the Nevada caucuses, and they have since become fodder both for Clinton and rival John Edwards.

The ad "straightforwardly uses Senator Obama's own words in his own voice saying the Republican Party was the party of ideas for the past 15-20 years," said Clinton spokesman Zac Wright.

But Obama has repeatedly stated that the comments he made described the prominence of Republican ideas under Ronald Reagan, not an endorsement of them. In fact, he says he disagreed with many of those ideas, and they were only noteworthy because they challenged "conventional wisdom."

After Clinton pulled the ad, Obama's campaign issued a statement from "South Carolina Truth Squad" member David Agnew saying: "This is a victory for the truth ... Obviously the deceptions go beyond this one radio ad. It's time for the distortions of Senator Obama's record to stop. And it's time for Hillary Clinton to start running an honest campaign focused on the issues that really matter to the people of South Carolina."

The campaign set up the "truth squad" to deflect negative attacks in the state.

An editorial in The Washington Post Thursday also criticized Clinton's ad, saying it was a "distortion." The editorial added that Obama's assessment of the influence of the Republican Party under Ronald Reagan is accurate, and that "there is nothing in the record that suggests that Mr. Obama supports any of those positions."

Click here to read The Washington Post editorial about the Clinton ad.

The Obama campaign circulated a memo Thursday that referenced the ad saying, "The truth is Hillary Clinton's campaign is pulling out all the stops to win in South Carolina. And it includes saying and doing just about anything to win."

Clinton campaign officials said the ad was pulled ahead of Saturday's South Carolina primary because it had run its rotation. But campaign ads rarely air for just one day, as this one did.

The ad has already been replaced by two positive ads featuring Bill Clinton and poet Maya Angelou.

Obama is currently leading Clinton in Palmetto State polls by an average 39.3 to 28.3 percent. Edwards is trailing in the RealClearPolitics average with 15.7 percent.

FOX News' Major Garrett and Aaron Bruns contributed to this article.