The American Recovery and Reinvestment Act met its goals two quarters earlier than expected, according to a quarterly report issued by the White House’s Council of Economic Advisors, which claimed that more than 3.6 million jobs have been created or saved as a result of the economic stimulus legislation.

Speaking at the groundbreaking of the Compact Power, Inc. battery plant in Holland, Mich., President Obama said recovery act money helped produce projects such as the plant, which will employ approximately 300 people.

“And that’s why, when my administration began, we cut taxes for small business owners and for 95 percent of working families here in Michigan and across the country,” the president said during his speech. “We extended unemployment insurance to help folks get through these storms. And through small business loans, a focus on research and development and investments in high-tech, fast-growing sectors like clean energy, we’ve aimed to grow our economy by harnessing the innovative spirit of the American people.”

In a statement following release of the White House report, House Speaker Nancy Pelosi (D-Calif.) said, “This analysis demonstrates how public investment has translated into private investment and job creation, and how our recovery efforts remain critical to rebuilding our economy now and laying a strong new foundation for growth in the years to come.”

Not everyone is as excited about the news: some Republicans think the models used in calculating the numbers for the report don’t reflect reality. In a July 14 press conference, Sen. John Barasso (R.-Wyo.) told reporters that Obama is “out of touch with the American people and out of touch with the economic realities of our country in the summer of 2010.”

Sen. Orrin Hatch (R.-Utah) echoed that sentiment, saying the Obama administration was actually doing more harm than good to the county’s economy. “It is time this administration and its Capitol Hill ally stop this job-killing agenda,” he said.

The council’s report also found that the national Gross Domestic Product has grown in four of five quarters since the stimulus act was passed.