President Barack Obama sought to undermine Mitt Romney's key rationale for his presidential candidacy, sharply attacking his Republican challenger's background as a venture capitalist and arguing that profit-making alone is not a qualification for the White House.

"His main calling card for why he thinks he should be president," Obama declared Monday, "is his business experience."

It was Obama's most expansive argument yet against Romney, and the president delivered it from a world stage in his home town.

On the sidelines of an international summit in Chicago, the Democratic incumbent attempted to dismantle his Republican rival's business pedigree while declaring it an insufficient rationale to lead the nation. In so doing, Obama left no doubt that Romney's business background as founder of Bain Capital, perceived by many as a political strength during a weak economy, would be a recurrent target of his campaign.

Romney responded swiftly, saying Obama was attacking the free-enterprise system. He made it clear that the issue would remain a point of contention for the remainder of the race.

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