Biden passes reins of economic stimulus to Lew

Still, Democrats expressed their belief that the stimulus helped the economy and led the 1 million private sector jobs created last year. 

"We’re very, very proud of it,” House Minority Leader Nancy Pelosi (D-Calif.) told reporters Thursday.  "It created and saved jobs for our country. People from all over the world have been very complimentary. It proved President Obama was an innovator from Day One."

Obama administration officials also expressed support. 

"The stimulus program has worked, I don't care what anybody has said," said Transportation Secretary Ray Lahood. "We outta be mighty proud of it."

Biden credited the stimulus for stabilizing the economy while providing an avenue for long-term growth. 

"The Recovery Act wasn’t designed to bring back the economy," Biden said. "We never advertised" that it would revive the economy, considering the severity of the recession, he said.

"Unfortunately it got confused in the public mind with everything from TARP to, ya know, just all one thing," he added.

Biden, Lew and LaHood were joined at the White House by Melody Barnes, domestic policy adviser to the president, Shaun Donovan secretary of the Housing and Urban Development Department and Steven Chu, secretary of the Energy Department.