Gov. Bill Ritter says federal stimulus funding has saved and created jobs in Colorado, but the Obama administration may have overstated its immediate impact.

Ritter said Sunday that the stimulus funds have helped boost such areas of the state budget as higher education and unemployment benefits. He says the funding has helped create jobs in transportation, water and weatherization projects.

But Ritter says the Obama administration might have oversold how quickly jobs would be created. He believes the big effect on employment is yet to come.

State officials said last month that Colorado had spent about a fifth of its federal stimulus money.

The state expects to receive about $1.6 billion under the law approved earlier this year to bolster the economy.

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