The Romney campaign has produced a new TV ad attacking Obama's remarks. The campaign has not said when and where the ad would run.
In an interview with WCTV-TV in Tallahassee that aired Friday, Obama says: "What I said was together we build roads and we build bridges."
He added: "Anybody who actually watched the tape knows that was what I was referring to, and that's the point I've made millions of times and by the way that's a point Mr. Romney has made has well so this is just a bogus issue."
Obama's team has dismissed the line of attack, saying the president's words were taken out of context and intended to distract voters from Romney's business record. White House press secretary Jay Carney said Thursday that Obama was "using every tool in his toolbox to advance economic growth" despite resistance to his jobs agenda in Congress.
Obama was expected to address Romney's critique of his economic record on Friday, discussing ways to ensure that entrepreneurs have the tools they need to succeed while arguing that Romney's agenda would hurt small businesses, campaign aides said.
Romney is spending most of the weekend with family at his New Hampshire lake house before heading to California for fundraisers on Sunday and Monday. While he has no public events during the weekend, Romney often uses private time in New Hampshire to discuss campaign strategy with senior staff and family.
Romney aides have left open the possibility that the Republican could name his running mate by week's end ahead of an overseas trip next week intended to burnish his foreign policy credentials.
The campaign released a fundraising appeal late Thursday from one of Romney's five sons seeking to capitalize on the vice presidential speculation. For $3, donors could win a chance to join Romney and his running mate at a future event.
"There are many incredible men and women who my dad would be lucky to have as a running mate," Craig Romney wrote. "And that's why I'm so excited to invite you to meet him or her on the campaign trail with my dad."
Associated Press writer Steve Peoples in Boston contributed to this report.
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