It also reflects the nation's changed economic circumstances. While former Federal Reserve Vice Chairman Alan Blinder and Nobel Prize-winning economist Paul Krugman advocate more stimulus, few economists see a great need for a major package with the economy growing again, Baily said.

"Even traditional Keynesians like myself get a little bit nervous because deficits are so large and global financial markets are so shaky," Baily said.

With the political branches of government gridlocked, the Federal Reserve has stepped into the breach with successive rounds of monetary easing. Members of its policy-setting Federal Open Market Committee signaled in minutes released Aug. 22 they are ready to inject more stimulus "fairly soon" unless the economy strengthens.

The unemployment rate, while down from a peak of 10 percent in October 2009, has remained stuck above 8 percent since February 2009 -- the longest stretch in the post-World War II era. Joblessness was 8.3 percent last month.

The economy has regained only 4 million of the 8.8 million jobs lost during the 2007-2009 recession and its aftermath. If the economy continues to add jobs at the 163,000 pace of last month, it would take another two and a half years to make up the loss.

Jobs Plan

Obama continues to press for provisions of the jobs plan he proposed a year ago and isn't going to be passed by congressional Republicans this year. The plan includes public works spending, aid to state and local governments to prevent layoffs of teachers and money to rehabilitate schools and foreclosed homes.

Obama also has championed legislation that would make it easier for millions of homeowners to refinance mortgages at lower interest rates, which the White House estimates would save $3,000 for the average family affected.

"This is a president who has made very clear what he thinks are the smartest ways to get people back to work and increase the pace of job growth," said Brian Deese, deputy director of Obama's National Economic Council. "The president has on the table as his proposal a short-term jobs and growth package which is more substantial than anyone has proposed."

Payroll Tax

Still, the White House has yet to say whether the president would seek an extension of a 2 percentage point payroll tax cut that expires on Dec. 31 -- and consequently would remove a $120 billion stimulus from the economy. The Obama budget plan assumes the payroll tax cuts expire on schedule and the jobs act provisions are enacted.