In it, but not of it. TPM DC
Perry's campaign took issue with two claims from the ad: that the Texas governor doubled state spending over his tenure and that the latest Texas budget was not balanced.
On the first count, they correctly note that the pro-Bachmann spot did not factor in inflation and population growth. They also argue that federal spending that the state legislature does not control shouldn't be factored in, a standard that the very article the ad cites in their attack notes shows an overall spending reduction.
On the second count, things are a little more complicated. Perry's campaign notes that this year's budget, as per state law, was certified balanced and that this was done without raising taxes or dipping heavily into its Rainy Day Fund. But things are a little greyer beyond that: the Associated Press pointed out at the time that the legislature also used a bunch of accounting tricks, like rejiggering estimates for population growth and property values, to make the whole thing work -- this means kicking some payments down the road.
Here's the original Keep Conservatives United spot: