Is this a big deal; not really. Bigger I would think than Palin's North/South Korean slip where she originally made the correct identification and quickly corrected herself following the mistake (Palin's response). Obama did not correct himself. Again, not really that big a deal. Everyone makes mistakes and when everything you say is recorded on camera and combed through the mistakes are visible for anyone interested in looking. It is just interesting to note that while Palin's mistake 'proved' her foreign policy ineptitude, Obama's mistake is apparently not proof of his domestic policy ineptitude.
Video embedded below.