WASHINGTON -- Vice President Joe Biden said the Obama administration "misread how bad the economy was" but stands by its stimulus package and believes the plan will create more jobs as the pace of its spending picks up.
Biden, in an interview airing Sunday on ABC's "This Week," said the nation's 9.5 percent unemployment rate is "much too high."
"The figures we worked off of in January were the consensus figures and most of the blue chip indexes out there," Biden said.
"We misread how bad the economy was, but we are now only about 120 days into the recovery package," Biden added. More jobs will be created in coming months, he said.
Biden noted that the $787 billion economic stimulus package was set up to spend the money over 18 months. Major programs will take effect in September, including $7.5 billion for broadband Internet service, plus new money for high-speed rail and the nation's electrical grid, he said.
Biden said it's premature to say whether the country will need a second stimulus package. - FOX News StoryThe one thing that you can say about the Obama Administration is that they admit when they have made mistakes. The bad thing is, they have had to admit it a lot. They seem to think that when they get something wrong, they just say oops, and move on. It doesn't work that way. You are in charge, you can't just say oops and go on. If that was the case then the CEO's that you have forced out for making mistakes could have just said oops.
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