Newt Gingrich, who was apparently running for president at one time, has announced he’ll hold a press event today, at which he’ll formally drop out of the presidential race.

Gingrich gave an exit interview to USA Today late yesterday in which he acknowledged his formal withdrawal today and said he’ll be endorsing Romney. “Mitt Romney met the first criteria of being a good candidate: He won.”

But even before Gingrich had the chance to formally drop out and throw his weight behind Romney, the Obama administration released a new ad kicking Newt while he’s down, reminding America that Gingrich made hating Romney an even bigger campaign focus than Gingrich winning.

The ad unspools a 90-second greatest hits reel of Gingrich’s most damning remarks against Romney, ending with a clip of CNN asking Gingrich, “Are you calling Mitt Romney a liar?” And Newt answering simply, “Yes.”

As the Obama campaign tries to use Gingrich as a dull tool with which to bludgeon Romney to death, Gingrich can go back to his real career: selling books. After year-long sprint of not-exactly-free publicity (Gingrich’s campaign is millions in debt, something he says he’ll spend years paying off) he’ll probably need to sell a good number to restore that million-dollar line of credit at Tiffany’s.

Check out the latest in Obama’s string of attack ads, which kicked off this year much earlier than anyone expected: