The Perry campaign has a new web ad out. No word on whether it will be used as a television ad, but we can get a sense of the campaign's punches from this. Mitt Romney's campaign says Perry is desperate. Given Perry's polling lately, that could be an angle — though $15 million on hand will help him get back up in the polls. The precise ROmney response:

“Rick Perry is a desperate candidate who will say and do anything to prop up his sinking campaign. In trying to deflect attention from his liberal in-state tuition policy for illegal immigrants, he has resorted to repeated dishonesty, distortions, and fabrications about Mitt Romney. After a mere eight weeks on the trail, Governor Perry is poised to dethrone his one-time boss Al Gore as the most prolific exaggerator and truth-fumbler in presidential campaign history.”

The question, though, is does it matter? With Cain and Romney both pounding Perry and Perry struggling for a solid debate performance, can Perry get traction back? My guess is he needs to do well in a debate to get people to really start paying attention again now. Otherwise, he's going to have to increase his burn rate to change the message on the campaign trail.