Obama's Fundamental Gaffe, Doing Just Fine, More Loose Lips, Joe Biden's Amtrak Ad (PM Note)

Read This - Martha Raddatz gives an important speech about how to honor courage in the military while still questioning the military - http://abcn.ws/KgQK6j

'The Private Sector is Doing Just Fine' - These are the words that came out of the president's mouth today. Republicans immediately went to Gaffe-con 5 to point out that the unemployment rate is above 8 percent. Job growth has slowed. And there's a general feeling that the economic situation isn't 'just fine.' http://abcn.ws/KExnDS

For a guy who is known to be an eloquent statesman, it was an unusual and serious gaffe for President Obama.

Within several hours, every Republican on planet earth, just about, had found a way to condemn him. There were web videos and microsites (and can TV ads in swing states be far off?)

Mitt Romney said the moment will "go down in history." http://abcn.ws/MiCfJQ

Several hours after his morning press conference, Obama clarified that the economy isn't doing just fine.

David Axelrod Will Spin on Sunday on This Week

"It's absolutely clear the economy is not doing fine," the president said while sitting alongside Philippines President Benigno Aquino in the Oval Office. "That's the reason I had a press conference. That's why I spent yesterday, the day before yesterday, this past week, this past month and this past year talking about how we can make the economy stronger. The economy is not doing fine. There are too many people out of work." http://abcn.ws/LKneBy

He said Mitt Romney and Congress need to come up with ideas other than tax cuts to fix it and pointed again to his To Do list.

Then he met with the New York Giants. And later some Girl Scouts - http://abcn.ws/KmUmNw

Fundamentals - Was he right or wrong? Did he clarify quickly enough? In this case the damage could very well be done. For proof recall what the '08 Obama campaign did to ruthlessly use the John McCain assertion that the "fundamentals of the economy are strong." McCain, recall, said the fundamentals were the American people. They were strong. http://abcn.ws/KoYcY8

What President Obama Said About the Private Sector is Intellectually Defensible - The fact is that the job growth is in the private sector and the public sector, currently, is a drag - http://abcn.ws/LKmr3w

Loose Lips, Part IV - Tough Talk - Obama: Leak Accusations 'Wrong' and 'Offensive' - President Obama adamantly denied accusations that his administration intentionally leaked classified national security information to boost his re-election campaign. http://abcn.ws/MS7eCy

McCain Says Loose Lips Investigators Should Follow Trail, even if it goes to Congress - http://abcn.ws/LELzGP

Emails Outline How WH and PhRMA Tried to Sell Health Reform (That went well, didn't it?) - http://abcn.ws/LKjGPL

Jake Tapper Says Amtrak's New Ad Campaign Sounds Like Biden. Literally. http://abcn.ws/MisNWY

Iraq Ambassador Nomination Jeopardized By Racy Email to Journalist - As a former national security staffer for President George W. Bush, President Obama's nominee to be U.S. Ambassador to Iraq, Brett McGurk, was supposed to garner bipartisan support for his confirmation. - http://abcn.ws/KoHKav (Dana Hughes & Jake Tapper)

State Department Sticks By McGurk, Despite Racy Emails http://abcn.ws/Mp2IZE

Groups Hope You Won't Recognize Obama's Voice- An FEC discussion regarding what counts as a reference to a candidate is currently underway, as conservative groups hope to sidestep laws regarding donor disclosure while still running attack ads with clear, pointed messages."Electioneering communication," the catchy name the FEC has slapped on veiled campaign advertising, encompasses any TV spot run 30 days before a primary or 60 days before a general election that makes reference to a "clearly identified" candidate. http://abcn.ws/LklJed

RNC Chairman: 'Light Blue' Wisconsin Can Turn Red for November - RNC Chairman Reince Priebus said that after Scott Walker's recall victory this week , "light blue" Wisconsin "can turn red under the right circumstances." http://abcn.ws/LBkckR (Shushannah Walshe)

Christie Rails Against Obama at CPAC in Chicago - New Jersey Gov. Chris Christie blasted President Barack Obama today, calling his comments at the White House "the core difference between who we are and what he represents for America." http://abcn.ws/LDRSfu (Shushannah Walshe)

Romney Campaigns for Hatch in Utah, Against Former Bain Consultant - Mitt Romney will campaign for Sen. Orrin Hatch, R-Utah, in the senator's home state today, although the six-term Senate incumbent may not need Romney's help. http://abcn.ws/MRXWqb (Emily Friedman & Chris Good)

Santorum Launches Org, Warns of Ideological War - Just hours after laying out his political future, Rick Santorum warned that the country is "engaged in an ideological war" and Americans need to fight against it "at a time when our country needs us." http://abcn.ws/L935pe (Shushannah Walshe)

Backed By Obama, Pride Month Takes Off - It's a rite of June that has been going on for years. In cities across the country, including Washington, rainbow flags wave beneath the summer sun as the LGBT community celebrates "Pride Month." Last night, D.C. Mayor Vincent Gray held a reception and panel discussion on the LGBT Alliance in politics. At the reception, transgendered, gay and lesbian members and advocates acknowledged each another with the warm greeting of "Happy Pride!" Mayor Gray hosted a live interview followed by a panel discussion with local politicians. The audience was in good spirits as the panel vocally supported LGBT causes. And this year, LGBT advocates have something more to celebrate. http://abcn.ws/MRRYpe (Jilian Fama)

Conard, Romney's Rich Backer, Says Solyndra Is a 'Cherry-Picked' Example - Edward Conard, one of Mitt Romney's biggest donors to his super PAC, says the GOP's inexorable focus on the now-bankrupt Solyndra is a "cherry-picked" example of companies that got money from the government. http://abcn.ws/LjcTNQ (Matt Negrin)

Veep Beat: Bush, Portman & Rubio's Ratings - Veep ratings; Jeb Bush heaps praise on Rubio; Ayotte's rise; running Ryan; Ryan & Portman to raise Romney cash; Jindal signs new abortion law; McDonnell hosts GOP weekend retreat; Dems' video links Christie & Romney http://abcn.ws/MR2JYR (Arlette Saenz)

Rick Santorum Launches Conservative Group - Rick Santorum announced Friday morning that he will be launching a new group that he will lead to promote conservative issues that were hallmarks of his campaign. The former presidential candidate is starting "Patriot Voices," to make sure the topics he spoke about daily on the campaign trail stay as part of the national debate. http://abcn.ws/MQWd4r (Shushannah Walshe)

In VP Ratings, Bush is Weak in the Middle, Portman on the Right; Rubio Betters Both - Jeb Bush and the far less well-known Rob Portman draw more negative than positive reviews as potential Republican vice presidential nominees, with challenges for Bush among moderates and swing-voting independents, and for Portman both among conservatives and within his own party. http://abcn.ws/KCUjTY (Gary Langer)

Can Romney Convince Walmart Moms He's Up to the Job? - A group of 20 women voters from Richmond, Va., and Las Vegas offered some interesting insights into the dilemma facing many swing voters this election. Many of these women are struggling economically. They spoke of losing houses and jobs. One woman even said that she and her husband want more kids "but we can't afford to have more." http://abcn.ws/NTYb0G (Amy Walter)

Mitt Romney, Undefined - A small but definite chunk of Americans don't know much about Mitt Romney. Romney's blank-slate quality was highlighted by the latest swing-state poll, taken by Quinnipiac in Virginia and released Thursday: When asked for their opinions on Romney, a full 21 percent said they hadn't heard enough about him to decide. http://abcn.ws/KNB6OZ (Chris Good)

Race For Gabby Giffords' Old Seat Shapes Up For Hard Fight - On Tuesday voters in Arizona's 8th congressional district will go to the polls to cast their votes in the special election to fill the seat left open after former Rep. Gabby Giffords' resignation. http://abcn.ws/Mhqwhl (Elizabeth Hartfield)