President Barack Obama on Monday explained that pro-gun groups were "ginning up fear" about the government confiscating firearms because "it obviously is good for business."

Last week, conservatives responded with outrage after Vice President Joe Biden suggested that Obama could take executive action for minor gun control measures.

Although executive orders are only able to enforce existing laws, radio host Rush Limbaugh warned that such action "could only be to take guns" and the Drudge Report ran photos comparing the president to Adolf Hitler and Joseph Stalin.

"I'm confident that there are some steps that we can take that don't require legislation and are within my authority as president," Obama told reporters during a press conference on Monday. "Where you get a step that has the opportunity to reduce the possibility of gun violence then I want to go ahead and take it. For example, how we are gathering data, for example, on guns that fall into the hands of criminals and how we track that more effectively."

"As far as people lining up and purchasing more guns, I think we've seen for some time now that those who oppose any common-sense gun control or gun-saftey measures have a pretty effective way of ginning up fear on the part of gun owners that somehow the federal government is about to take all your guns away."

"And there's probably an economic element to that. It obviously is good for business," he conintued. "Part of the challenge that we confront is that even the slightest hint of some sensible, responsible legislation in this area fans this notion that somehow here it comes and that everybody's guns are going to be taken away."

"If you look at over the first four years of my administration, we've tried to tighten up and enforce some of the laws that were already on the books, but it would be pretty hard to argue that somehow gun owners have had their rights infringed."

Watch this video from CNN, broadcast Jan. 14, 2013.