President Obama Jobs Council Disbands

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It also included several leading figures in the private-equity industry, the same kind of executives that Obama publicly labeled "job destroyers" during the campaign against GOP presidential nominee and former corporate buyout specialist Mitt Romney.

During a June 2011 meeting of the Council, comments from Obama about delays in the permitting process for stimulus jobs became a major Republican talking-point heading into the 2012 campaign.

"Shovel-ready was not as shovel-ready as we expected," the president said, as the head of his council, GE's Immelt, chuckled exuberantly.

ABC News' Ann Compton and Mary Bruce contributed reporting.

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