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"If you say you want to bring down the deficit, but you're not willing to let tax cuts lapse for the top 2 percent, it tells me you're not serious about deficit reduction," Obama said at a campaign rally.
On Thursday, Romney raised more than $4 million at a fundraiser in Adidas Predator Lz Wyoming with former Vice President Dick Cheney, who called him "a great American leader."
But Obama has more options for an Election Day victory without Virginia than does Romney.
Romney and his aides say he left Bain in 1999 to run the Salt Lake City Olympics, and a Bain statement said Romney "remained the sole stockholder for a time while formal ownership was being documented and transferred to the group of partners who took over management of the firm in 1999."
Obama said his sweeping health care law was the "right thing to do," noting that the House had voted more than 30 times to scrap, defund or Adidas X 16.1 Leather Black
undercut the law since Obama signed it in March 2010.
President Barack Obama's campaign stops in Virginia
The president defended his record on taxes, saying he has cut taxes for middle class families by an average of $3,900 during his presidency.
Documents submitted by the company, Bain Capital, conflict with Romney's statements about when he gave up control of the firm. Both sides accused the other of being dishonest.
Obama was traveling through the southeast and southwest corners of the state, courting young and African American voters in the Virginia Beach Hampton area before turning to more conservative Roanoke.
With the rally, Obama kicked off two days of campaigning in Virginia, which he won four years ago the first Democratic presidential hopeful to do so since 1964.
But he made clear that the state would be close this year and could play a pivotal role in the election, telling an overflow crowd: "When we win Virginia, we're going to have won the election."
Romney had no public appearances Friday, but was giving interviews to five major network and cable television news outlets that were to be broadcast in the evening.
Illustrating its importance, the state has seen the third heaviest television ad spending by the candidates and their allied groups, behind only Ohio and Florida.
On Saturday, Obama will campaign in Richmond, a once staunchly Republican region he won in 2008.
Courting voters in battleground Virginia, Obama renewed calls to extend Bush era tax breaks for those earning $250,000 or less while the two sides argue about higher earners, affecting the top 2 percent of Americans. But he charged Republicans with balking, and holding middle class cuts "hostage."
The Hampton Roads area that Obama is visiting Friday is home to a large military presence the world's largest naval base is there and its economy is heavily dependent on defense spending. Romney and congressional Republicans said Obama had not done enough to avert the automatic, across the board cuts.
tenure at the private equity firm he founded in 1984.
"Just in case some of your friends or neighbors or Uncle Jim, who's a little stubborn and been watching Fox News, he thinks that somehow I've raised taxes, let's just be clear: We've lowered taxes for middle class families since I came into office," Obama said.
The president's trip followed a day of hostile exchanges between the campaigns over Romney's Adidas Football Shoes Red And Black
Romney has called Obama's plan a massive tax hike that will hurt small businesses, one of the major creators of new jobs.
He said lawmakers should "go ahead and help middle class families right now. And so far, I have not gotten an OK from the other side on that. And that tells me I guess they're not that serious about deficit reduction."
Romney warned it will "shut the doors on factories and shipyards that support our warfighters, take a heavy toll on the guard and reserves, and potentially shutter Virginia military bases."
outsourced jobs and ran companies that fell into bankruptcy.
Documents filed with the Securities and Exchange Commission place Romney in charge of Bain from 1999 to 2001, a period in which it Adidas Ace 17.3
Obama sought to confront head on a key argument from Romney and Republicans, who have said Obama has promoted tax increases and allowed the federal deficit to grow during the past 3 1/2 years.
"All it would take is one vote to make sure that all of you don't see your taxes go up next year. You tell me what would be a better use of time?"
The former Massachusetts governor wrote in a letter to Obama published Friday in The Virginian Pilot that "your insistence on slashing our military to pay the tab for your irresponsible spending could see over 200,000 troops forced from service."
Both campaigns acknowledge Virginia's new role as a fiercely contested state after years of being virtually overlooked in presidential politics. Obama won the state by a 53 46 margin over his 2008 Republican rival, Sen. John McCain.
Republican congressional leaders wrote in a similar letter to Obama that the automatic cuts "will have a significant impact on our national security and other domestic programs such as medical research and special education and yet the White House is now holding our troops and other important programs hostage in order to foist tax increases on small businesses, which have been routinely rejected by the House and Senate on a bipartisan basis."
Obama made no specific mention of the automatic defense spending cuts but said it was important to have a "smart national security strategy" and to ensure the nation has "a strong economy to support a strong military." In a nod to the region's military, Obama opened his trip by meeting with military families in Virginia Beach.
With 13 electoral votes, Virginia figures prominently in both the Obama and Romney strategies.
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