Obama: 'Recovery Act has worked as intended'

Obama in a recorded weekly speech defended the stimulus bill saying it has already helped to pull the economy "back from the brink" and that it has helped stabilize financial institutions and helped homeowners stay in their homes and pay their mortgages.

The President criticized Republicans for opposing the stimulus but offering few alternatives to the worst recession since the Great Depression.

"When we passed this Recovery Act, there were those who felt that doing nothing was somehow an answer," he said. "Today, some of those same critics are already judging the effort a failure although they have yet to offer a plausible alternative."

The stimulus included $288 billion in tax cuts, dramatic increases in Medicaid spending, about $48 billion in highway and bridge construction and billions more to boost energy efficiency, shore up state budgets and improve schools.

Obama called for more patience and that more time was needed to see the results of the Recovery Act. The plan "was not designed to work in four months," Obama said. "It was designed to work over two years."