It’s not just the rent that’s too damn high for Jimmy McMillan — it’s the deficit, too.

At least that’s what McMillan, who made a splash as the “Rent is Too Damn High” guy in his 2010 New York Gubernatorial bid, says in the latest ad by the Yale-led Student Initiative to Draft Daniels.

Michael Knowles ’12 and Courtney Pannell ’11 ask McMillan in the ad to come with a suitable motto to encourage Indiana Gov. Mitch Daniels to run for the 2012 Republican presidential nomination. McMillan procures one with suitable ease — “the deficit is too damn high.” (Pannell is a former multimedia editor for the News)

“You got a president that’s throwing money away,” McMillan says, pretending to hurl cash around. “Alabama here, take this! Florida, take that!”

Max Eden ’11, the group’s national director, said the ad would run on a Fox-affiliate in Washington, D.C. Monday as a follow-up to the Conservative Political Action Conference (CPAC), which runs from Thursday to Saturday in the nation’s capitol. The timing of the ad, he said, would capitalize on the attention CPAC typically receives. He added he was in negotiations to also have the ad run on a Fox-affiliate in New York.

The News will be at CPAC covering the initiative’s shenanigans, but in the meantime, you can watch the ad below:

Update: 4:10 p.m.

While we initially reported that ad was going to air in Washington, D.C. on Friday, the TV affiliate has since notified the group of a change in airing date to Monday.