This is the card that I made -- very similar but different.
For my background panel, I used an Impression Obsession cover-a-card stamp called "clouds". I stamped a piece of white card stock using Stampin' Up's retired ink color Brocade Blue. I matted that piece using some black and red card stock, both layers used 1/16" borders. The balloons were cut out of black card stock using a new die from Impression Obsession. I then went back and punched the balloons out using bits of scrap paper.
The "hello" sentiment was cut using one of my first dies purchased from Cuttlebug many years ago. This past week, I came across a new blog to me -- Jennifer McGuire Ink. She has wonderful video covering many topics. I found one showing how to emboss a die cut sentiment with clear embossing powder. I had to try it. Actually this is my second try. It is easy and creates a very unique embellishment. Here is a link to the video.