"There is a lot left to be spent and we expect that to play out in the second half of the year," he said after the government reported second-quarter growth advancing at a 1.9 percentannualized pace from 0.9 percent in the first quarter.
Bush: Economy Has Strong Foundation
Separately, President Bush echoed these comments at a meeting of coal producers, saying the latest economic data showed the foundations of the economy are strong.
"Exports are on the rise. Durable good orders are strong. That suggests that businesses are anticipating a better second half of the year. So I believe the foundations of this economy are strong," Bush said.
He said a report of modest economic growth in the second quarter was "not great news but encouraging news.
"Now it's not as good as we'd like it to be," Bush said. "A few months ago, there were predictions that the economy would shrink in the first quarter, not grow. But in fact the opposite has happened."
Democrats Push for More Stimulus
However, Democrats, say a second government stimulus package is warranted by rising unemployment as the country's housing slump chills growth, but Bush's Republican administration does not agree.
"I think the best reason to have a second stimulus is because we are three months away from an election, not because we've got new economic data," said White House Budget chief Jim Nussle during the CNBC television interview, referring to the U.S. presidential election on Nov. 4.