Another government stimulus program would boost the slowing U.S. economy, says Nobel-prize winning economist Paul Krugman.

“Everything is pointing to the need for more spending. The economy remains depressed,” he said.

Funding from another massive stimulus program could be allocated for infrastructure, Krugman told CNBC.

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“Even aside from the need to stimulate the economy, when the federal government can borrow very cheaply, that’s probably a good idea to get some projects started,” he said.

The bond market has risen to extremely high rates, demonstrating that deficits would not affect the economy, Krugman said.

“They are happy to lend the federal government money at very low rates. The bond market is telling us it’s terrified of deflation, of a weak economy for a very long time. So, no, all of the economic data make the case for a stimulus,” he said.

More tax cuts could provide the necessary stimulus, Krugman suggested.

“But basically, I would take whatever we can, except that those high end tax cuts, corporate tax cuts, are going where the problem isn’t; it's just a waste of money,” he said.

Although the stimulus program in 2009 produced millions of jobs, experts disagree on its effectiveness, USA Today reported.

“Policymakers should remain aggressive. But I don't think there's any political appetite for a big stimulus plan,” said Mark Zandi, chief economist for Moody's Analytics.