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White House economic adviser Christina Romer said on Thursday that the $787-billion U.S. stimulus program was stabilizing the economy despite unacceptably high job losses.
Romer, chairman of the Council of Economic Advisers, delivered a lengthy defense of the Obama administration's stimulus program before the Economic Club of Washington, saying the spending impact will grow over time.
But she acknowledged that a report on July unemployment, to be issued by the Labor Department on Friday, was likely to show the economy continued to shed hundreds of thousands of jobs and a higher unemployment rate.
Romer: Stimulus Working Despite Job Losses