Report: Stimulus boosted economic growth, job creation

Third-quarter economic and job growth was bolstered by the stimulus passed nearly two years ago, the Council of Economic Advisers reported. 

The economic stimulus passed in February 2009 added 2.7 percent to third quarter gross domestic product and "has exceeded the original goal" of creating or saving 3.5 million jobs by the end of the year, the White House's quarterly report said.  

More than 100,000 jobs have been created or saved in eight states — California, Florida, Illinois, Michigan, New York, Ohio, Pennsylvania and Texas.

The first estimate of third-quarter GDP was 2 percent, 1.7 percent in the second quarter and 3.7 percent during the first three months of the year. 

Out of the initial $787 billion included in the legislation, less than $20 billion of discretionary program funding remains unobligated with a majority of those funds having already been awarded, the report said.

The report shows GDP began to grow in the third quarter of 2009 and has now grown for five quarters in a row, including continued growth in the third quarter of 2010. 

The report said that during the third quarter, more than $33 billion of investment spending was poured into clean energy, transportation and other infrastructure projects, the largest yet for public investment, resulting in more than 1 million jobs nationwide.

Of those jobs, more than 200,000 were clean energy jobs.

Opponents of the stimulus say it's an example of excessive government spending and hasn't helped the economy recover from the recession.