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Obama backtracks on private economy 'doing fine' comment

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"That's precisely why I asked Congress to start taking some steps to make a difference," Obama said.

Obama corrected himself at a press availability in the Oval Office just hours after after he made the original remark to reporters in the White House briefing room. Republicans, recognizing a political gift, pounced on Obama's initial remarks, which came a week after a dismal jobs report found the economy added only 69,000 jobs in May.

They compared the president's comment to Sen. John McCain's (R-Ariz.) election-changing comments when he said in 2008 "the fundamentals of our economy are strong."

For more on Obama's comments, click here.