Obama says he will hold off on seeking a second stimulus program for beleaguered economy

Obama: No new stimulus needed, but quicker results

WASHINGTON — President Barack Obama says he is not ready to offer a second stimulus plan even though the economy continues to struggle.

The president said Tuesday that more time is needed to assess the effectiveness of the $787 billion economic stimulus plan enacted early this year. Obama said the nation’s unemployment rate is likely to exceed 10 percent, although he originally predicted it would not go over 8 percent.

At a White House news conference, he said that neither he nor the American people are satisfied with the rate of economic recovery. But he said he remains hopeful that conditions will improve over time.