NEW YORK (CNNMoney.com) -- The government's Recovery Act is responsible for between 2.2 million and 2.8 million jobs through the first quarter of 2010, according to the latest stimulus report from President Obama's chief economic adviser.
The report, from the White House's Council of Economic Advisers, says the $787 billion economic stimulus is on track to create or save 3.5 million jobs by the end of the year.
"From tax cuts to construction projects, the Recovery Act is firing on all cylinders when it comes to creating jobs and putting Americans back to work," Vice President Joe Biden said in a statement.
The American Recovery and Reinvestment Act, which was signed into law in February 2009, is the largest simulus program in the nation's history. While the Obama administration credits the stimulus with lifting the United States from the recession, Republican critics also look to the nation's 9.7% unemployment rate as proof that the act fails to create long-term jobs.
So far $525 billion of the simulus money has been committed to specific projects and $370 billion has been paid out.
More than $110 billion went to tax relief through credits for first-time homebuyers, for college expenses and for energy-efficient home improvements. Another $90 billion went to unemployment benefits and food assistance through the end of March.
The report is based on a mathematical formula that calculates the number of jobs likely saved or created by stimulus money. The government also collects reports showing the actual number of jobs directly funded by stimulus spending, with the next one due to be released April 30.
Maybe there should be an ETF for companies that are benefiting from the Super Bowl? The owner of Budweiser is at an all-time high. Pepsi and Buffalo Wild Wings are hot too. More
New stadium construction is only a fraction of the billions that flows to NFL teams from taxpayers. More
Here's where Seahawks and Patriots fans eat, shop, and play, according to data from ad tech startup PlaceIQ. More