President Obama's comment Friday that the private sector is "doing fine" and the GOP Congress is slowing down the economy was immediately pounced on by Mitt Romney and other Republican leaders, resulting in the president backpedaling by the afternoon.

Obama said late Friday it is "absolutely clear" that the U.S. economy is "not doing fine." He also said there has been some "good momentum" in the private sector, but Congress needs to act to help boost jobs in the public sector.

“The private sector is doing fine,” the president said during a morning White House press conference. “Where we're seeing weaknesses in our economy have to do with state and local government. … If Republicans want to be helpful, if they really want to move forward and put people back to work, what they should be thinking about is how do we help state and local governments”...