Pelosi: Stimulus bill's progress 'on track'

The almost year-old stimulus bill's progress is "on track," House Speaker Nancy Pelosi (D-Calif.) asserted Wednesday. 

Pelosi said that a report from the Council of Economic Advisers (CEA) showing that the stimulus bill had saved or created 2 million jobs showed that Democrats had made progress toward their pledge to save or create 3.5 million jobs.

“When we passed the Recovery Act nearly one year ago, we pledged to create and save 3.5 million jobs over two years," Pelosi said in a statement. "This analysis shows that we are on track so far — with only half the money committed."

President Barack Obama signed the American Recovery and Reinvestment Act (ARRA) into law last February after the strong Democratic majorities in the House and Senate passed the $787 billion package.

Republicans have argued that the slow progress the economy has shown in the roughly 11 months since then have shown that the package hasn't worked, especially as the president and Democratic leaders in Congress boasted of the quick impact the bill would have.

Pelosi alluded to policies undertaken during past GOP control of Congress and the White House, arguing that those made more work toward economic recovery necessary.

"Years of inaction and lax oversight crippled our economy — and we have more work to do to help it recover," she said.

Pelosi said further spending out of the stimulus act would mean more of an economic boost to the U.s.

"With more recovery funds on their way to our communities, the American people will continue to reap the benefits of our swift action to bring our economy back from the brink of depression," she said. “Our economic strength is founded on good jobs for our workers and progress for our middle class, and Congress will continue to take action to create good-paying jobs, boost the paychecks of America’s workforce, and restore opportunity for all.”

UPDATE: The National Republican Congresstional Committee (NRCC) is taking issue with Pelosi's claim.

“If 10 percent unemployment is Nancy Pelosi’s definition of success, then those Americans who are lucky enough to have a job probably don’t want to know what failure is," said Ken Spain, communications director for the NRCC.  "Despite empty promises of job creation and fiscal responsibility, since Democrats have taken control of every lever of power in Washington we have seen the unemployment rate skyrocket and the federal deficit explode. This kind of disconnect from the public would be laughable if the consequences weren’t so dire."