October 31, 2009 Obama: Stimulus plan helping economy Play video

(NECN/ABC: Washington, D.C.) The first report card on the President's $787 billion stimulus bill is out, and the administration claims 650-thousand jobs have been saved or created with the $159 billion already spent.

In his weekly address, Pres. Barack Obama says the stimulus has put the economy back on its feet.

"These investments aren't just helping us recover in the short term, they're helping to lay a new foundation for lasting prosperity in the long term," Obama said.

While much of the money has been used for infrastructure projects, some governors - including Arnold Schwarzenegger (R-Calif.) - say the federal dollars have allowed states to avoid budgets cuts in areas such as education.

But despite federal spending, the nation's unemployment rate is 9.8 percent and continues to rise as many Americans are losing their jobs and are not able to find another.

The administration touted the stimulus and programs including Cash for Clunkers as ways to get the country out of the recession.

But in the Republican's weekly address, House Minority Leader John Boehner (R-OH) called the President's policies a waste of tax money that will only add to the booming one trillion dollar budget deficit.

"The 'stimulus' bill isn't working," said Boehner. "Unemployment is rising. The debt to be paid by our kids and grandkids is exploding."

Despite the criticism, the White House says the stimulus is on track to reach the President's