President Obama Credits Stimulus Plan With Saving Economy

WASHINGTON -President Barack Obama says his team has done “an outstanding job” in staving off another Great Depression.

Marking the one year anniversary of the economic stimulus law, Obama praised the $787 billion recovery act. In his words, “There has never been a program of this scale, moved at this speed, that has been enacted as effectively and as transparently.”

He says the stimulus plan is on target to create or save a total of 3.5 million jobs, although he said the goal was never to restore every job.

Obama says the government can build confidence and rescue people in hard times. But he says it’s the private sector that will generate jobs and a recovery.