President

Updated October 22, 2009

White House Official: Impact of Stimulus Will Level Off

AP

Christina Romer, the head of President Obama's Council of Economic Advisers, said Thursday that the $194 billion already spent gave a jolt to the economy that contributed to growth in the second and third quarters of the year. 

A top White House economist says spending from the $787 billion economic stimulus has already had its biggest impact on US economic growth and will likely not contribute to significant expansion next year.

Christina Romer, the head of President Obama's Council of Economic Advisers, said Thursday that the $194 billion already spent gave a jolt to the economy that contributed to growth in the second and third quarters of the year. 

She told a congressional panel that by the middle of next year, the impact of the stimulus will level off. Romer said spending so far has saved or created 600,000 to 1.5 million jobs but warned that unemployment will remain high, above 9.5 percent, through the end of 2010.

  • Email
    * not displayed

    Comment

    FOX News encourages you to participate in this discussion; however, please be sure to review our Terms of Use and Privacy Statement

    or

Latest  Politics Video

Most  Active In Politics

Real  Clear Politics Poll

Job Approval Approve Disapprove Spread
Obama 48.0% 46.4% +1.6%
Congress 23.0% 70.3% -47.3%
Direction of Country Right Direction Wrong Track Spread
RCP Average 35.3% 58.2% -22.9%