From Attytood:

The problem actually with this most recent episode is not that I was saying one thing behind closed door and saying something else in public. The truth is actually that I’ve made these same comments in a similar way on “The Charlie Rose Show" back in 2004 or 2005, and I had said it in town hall meetings in small towns.

The problem is that I just mangled it, which, you know happens sometimes. The point that I was making was actually two separate points that got conflated. Number One, that people who had felt abandoned by Washington and political leaders when it comes to an economy that’s falling apart, they find stability in those things that they count on – their faith, the traditions that have been passed down generation to generation and in many rural communities that includes hunting, their family, their community – those are positive things. 

More at Attytood: http://www.philly.com/philly/blogs/attytood/Exclusive_Obama_says_he_misspoke_but_didnt_lie_about_smalltown_Pa.html