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Rebecca Smith owns a Tampa, Fla., construction-management firm that does a lot of work overseeing the building of schools and jails, and other projects for state and local governments.

But even though much of her firm's $80 million in annual revenue comes from contracts with government agencies, she says she was "disgusted" by President Obama's thesis that government had a significant role in her business achievements.

Obama's actual words, from a July 13 speech in Virginia, were:

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MICHEL MARTIN, HOST:

I'm Michel Martin, and this is TELL ME MORE, from NPR News. Coming up, actor Anthony Mackie stars in this summer's fantasy thriller, "Abraham Lincoln, Vampire Hunter," but what's the movie that Mackie could watch over and over again? We'll find out in a few minutes.

Update at 4:33 p.m. ET. Right At Expectations:

Facebook reported slightly stronger than expected profits. For the second quarter, it reported a net loss of $157 million or 11 cents a share. But when it adjusted its earnings to remove stock compensation charges related to its IPO, Reuters reports, Facebook actually made 12 cents a share.