Stimulus creates 650,000 jobs - White House says * By Tami Luhby, CNNMoney.com senior writer Stimulus creates 650,000 jobs - White House says - Yahoo! Finance The largest stimulus program in the nation's history has created or saved at least 650,000 state and local jobs, according to a report released by the Obama administration on Friday. Based on approximately $150 billion in spending from the $787 billion recovery package, the tally is the first broad, concrete look at the stimulus program's impact on the economy. The numbers are drawn from tens of thousands of reports from state and local recipients as well as private companies. The White House said the actual number of jobs created so far is likely closer to 1 million, since its report on stimulus job creation only focused on $150 billion of the $339 billion in American Recovery and Reinvestment Act funds spent so far. "We're solidly on track to create or save 3.5 million jobs by the time this program winds down," administration economist Jared Bernstein told CNN on Friday. "There's a lot more ammunition in that Recovery Act. The stimulus package is absolutely working, both in GDP terms and in terms of saving or creating jobs."