Obama repackages old US stimulus plan

June 9, 2009 03:59

President Barack Obama assured the nation his recovery plan was on track Monday, scrambling to calm Americans unnerved by unemployment rates still persistently rising nearly four months after he signed the biggest economic stimulus in history. Obama admitted his own dissatisfaction with the progress but said his administration would step up stimulus spending in the coming months. The White House acknowledged it has spent only $44 billion, or 5 percent, of the $787 billion stimulus, but that total has always been expected to rise sharply during the midyear period. "Now we're in a position to really accelerate," Obama said. He also repeated an earlier promise to create or save 600,000 jobs by late this year.

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