Specifically, Biden said Romney wanted to get rid of regulations on some of the country's largest banks, which would essentially put voters "back in chains."
A number of top Republicans quickly pounced on the remarks. Republican National Committee Chairman Reince Priebus called the comments "shameful."
"I think it takes things to a new level, a level of negativity, and I think it was a shameful comment," Priebus said Wednesday.
Biden later on Tuesday said he misspoke and that he intended to use the word "unshackle."