According to Caterpillar, stimulus package might be more of a crawl than a quick fix.

EAST PEORIA, ILL. - Last week President Obama repeated the claim we asked about yesterday at the press briefing that Jim Owens, the CEO of Caterpillar, Inc., "said that if Congress passes our plan, this company will be able to rehire some of the folks who were just laid off."

Caterpillar announced 22,000 layoffs last month.

But after the president left the event, Owens said the exact opposite. Asked if the stimulus package would be able to stop the 22,000 layoffs or not, Owens said, "I think realistically no. The truth is we're going to have more layoffs before we start hiring again...It is going to take some time before that stimulus bill" means re-hiring," he said.