Soros does not believe US economy needs more stimulus

Billionaire financier George Soros said in an interview with Reuters Television in New York that the U.S. economy has reached bottom and the current quarter will see positive growth due to the government's stimulus spending.

The Obama administration is pumping $787 billion into the economy in a bid to turn around the deepest recession since the 1930s. The U.S. economy shrank by 1 % in the second quarter after tumbling 6.4 % in the quarter before that, the biggest decline since 1982.

George Soros, Chairman of Soros Fund Management, said that he did not believe the economy needed more stimulus money, despite calls for a second round of spending. Steny Hoyer, House of Representatives Majority Leader, said in July that the U.S. should be open to more government spending if needed.

Besides, U.S. President Barack Obama sounded on Tuesday a cautious note, saying the economy is "not out of the woods" despite signs lagging business investment was reviving. Last week the White House said there are no plans for a second stimulus package.

Additionally, Soros said in June that the United States faces a "stop-go" economy because rising borrowing costs could generate major headwinds for the still-fragile economy.