cnn congressional correspondent kate bolduan joins us now from capitol hill, what is the latest? reporter: you know the cbo numbers, the congressional budget office, jessica, this office that scores, gives a cost estimate, for legislation, it s very critical, and this evening it came out the cbo brought out gave out its estimate, and it says that the speaker boehner s bill falls short of what its target was. it says that it would only reduce the deficit by $850 billion, rather than the more than a trillion dollars than the legislation said it was going to said it was going to. here s why it s such a big problem. because of speaker boehner, he said there s one major principle, you ll remember, jessica, as they moved forward to raise the debt ceiling, that the amount of the cuts be greater than the amount they raised the debt ceiling. and in this legislation right now is called for raising the debt ceiling by $900 billion, $850 billion, is less than $900 billion, so know
unfortunately the same debate we had with herbert hoover, that we see a budget that will be the biggest transfer of wealth from the poor middle class to the rich. you re talking about the ryan proposal. yeah. it is going to cost us between 1.7 and 2.2 million jobs. it is a given you guys would be against the ryan proposal. what is not so self-evident is that you would have a problem with what the president doing. yeah, but the news out of the meeting wasn t the problem we had with the president. the news out of meeting was the problem we had with the budget. i know that people would like to make it let me suggest that maybe we and our viewers will decide what the news is, but let s talk about what happened in the meeting between you and the democratic leaders when it comes to what the president has proposed. sure. first, as i said, we were concerned about the ryan budget. i ll stipulate it. okay, good. they talked about some things they were concerned about. trade bills
that. absolutely. how are republicans reacting today to the pretty good job numbers? they are good job numbers and, of course, the republicans are not willing to give president obama any credit whatsoever on this, as can be expected. just take a look at what john boehner said today, the speaker of the house. today s jobs report is welcome news, but washington needs to do a lot more to end the uncertainty and get our economy moving again. it s clear that we need to cut spending. we need to stop unnecessary regulations and end the threat of tax hikes. pass the trade bills that are out there, and these are the pillars of a republican plan that actually create jobs in america. well, wolf, cutting spending is going to come up soon enough. you have this question of whether there s going to be 30 billion in cuts on a deficit deal, and then the republicans next week are going to put out their budget plan, and both the white house and republicans have to decide how serious they are
spending and other topics. cantor will head into the meeting not too pleased with the president s speech before the chamber of commerce. he said this quid pro quo if washington acts to whatever it is the president s proposing, whether it s reducing corporate rates or passing trade bills that somehow business owes it to the country to do x, y, z, i think that misses the mark. yesterday, cantor also insisted that the bill to fund the government for the year will have language to withhold funding from the health care law. i expect to see one way or the other, the product coming out of the house to speak to that or preclude any funding to be used for that. the president supports it. we ve gone to court to we ve gone to court to maintain it. and as the president has said, we will work with those who want
the union address. and i m very pleased to hear we are going to do something about the trade bills after the election. we need to invest more in infrastructure. private money. and there s a lot of things slowing that down. we need to get capital into the hands of mid-size and small companies. and we re going through this major reorganization of the capital structure and we need to be very careful not to increase taxes on the job creators because they re not going to move if they do. so what every company in this country is worried about is uncertainty. when s the health care thing really going to cost? more than we thought. what s the capital market doing to the availability of capital? it s a problem. are we going to do the things about trade? what s going to happen in the tax bill and lame duck session? people are sitting on their hands and money. what do you say to this? average american sits there and sees that corporate american