Question:

The Jehovah's Witnesses teach that Jesus was a created being.  Does the Biblical fact that Jesus was begotten support this claim?

Answer:

Actually in the Old Testament  the word begotten is translated from the Hebrew word "yalad" and means to bear or bring forth.  In the New Testament the word is translated from the Greek word "gennao" and means:

be father of; bear, give birth to (perhaps conceive); pass. be born; lead to, cause
In the Old Testament there is one prophecy using this expression and it is quoted a number of times in the New Testament.  The passage is Psalms 2:7 which in the New King James Version says:
I will declare the decree:  The Lord has said to Me,  `You are My Son,  Today I have begotten You.
We want to notice a couple of scriptures in the New Testament which illustrate that the expression refers to Jesus as God becoming flesh.  Of those in the flesh he is the only one begotten of God the Father.
 
Acts 13:32-33
And we declare to you glad tidings--that promise which was made to the fathers.  God has fulfilled this for us their children, in that He has raised up Jesus. As it is also written in the second Psalm:  "You are My Son,  Today I have begotten You."
John 1:1-3 and 14
1)  In the beginning was the Word, and the Word was with God, and the Word was God.  2)  He was in the beginning with God.  3)  All things were made through Him, and without Him nothing was made that was made.
 
14  And the Word became flesh and dwelt among us, and we beheld His glory, the glory as of the only begotten of the Father, full of grace and truth.
Please do not the accept the JW's translation of John 1:1 as it is inaccurate.  They must make Jesus "a god" instead of "God" because as God he would have eternal existence.  Their believe that Jesus was created before the earth was formed is totally lacking in Biblical teaching and comes from failure to recognize God as a plural being as in Father, Son and Holy Spirit.  The well know Bible scholar and commentator, Adam Clarke, says in his comment about Genesis 1:1:

The original word Elohim, God, is certainly the plural form of Eloah, and has long been supposed, by the most eminently learned and pious men, to imply a plurality of Persons in the Divine nature. As this plurality appears in so many parts of the sacred writings to be confined to three Persons, hence the doctrine of the Trinity, which has formed a part of the creed of all those who have been deemed sound in the faith, from the earliest ages of Christianity.

Note Hebrews 11:17
  By faith Abraham, when he was tested, offered up Isaac, and he who had received the promises offered up his only begotten son.
Now Isaac was not created, he was born.  This is what the word means.  Concerning this passage remember also the Isaac was not the only son of Abraham.  Abraham had an earlier son by Hagar and later had sons by Keturah after Sarah died.  Isaac was the only son born to Sarah.  The promise to Abraham that all nations would be blessed was to be through Sarah. Therefore the expression "only begotten son" is used of Isaac.  I believe it is in this same sense that John used the expression "only begotten Son."  Of those in the flesh, Jesus was the only one fathered by God and was the only being designated to fulfill the promises.
 
As is typical of JW's they have taken a concept difficult to understand and have preyed on man's lack of understanding by giving it a different understanding and then insisting that they are the only ones who truly understand the Bible correctly.