Though Republicans say the president was implying that business owners didn't build their businesses, Obama said he was just talking about roads and bridges.
In an interview with WCTV-TV in Tallahassee that aired Friday, Obama said: "What I said was together we build roads and we build bridges."
He added: "That's the point I've made millions of times, and by the way, that's a point Mr. Romney has made as well, so this is just a bogus issue."
That's not the explanation that initially came from the Obama campaign when it was first asked about the speech last Friday in Roanoke, Va.
The fresh pushback from Obama comes as Mitt Romney and Republicans escalate attacks over the comment. Romney's campaign announced Friday that it was releasing a new TV ad, which is a condensed version of the scathing web video released a day earlier on the comment.