America Needs to Get Fiscal House in Order: Cantor

Real reforms are needed if America's fiscal problems are going to be solved, Republican House Majority Leader Eric Cantor told CNBC Wednesday.

"We are in a debt crisis. The American people are expecting us to deliver on our commitment that we are going to change the spending crisis in Washington," said Cantor (R-VA.).

America's debt ceiling is still looming heavy over Washington's lawmakers as the country is on track to hit the $14.3 trillion debt ceiling on May 16. Cantor says the debt ceiling issue is a chance to change how Congress operates.

"That debt ceiling vote has to be some real reforms, and I mean real, not the typical Washington kick the can down the road stuff," Cantor added. "But real things that can produce savings and actually begin to change the way the culture works."

"We've got to be worthy as an on-going concern as a Federal government, to be able to warrant an increase in the credit limit," he added.

Some on Wall Street say if Congress doesn't extend the debt ceiling, there would be a potential for government default and confidence would completely sink in the world markets.

Cantor said the worries are justified.

"The reality is investors are looking at the United States as a borrowing entity and as a bank would look at a customer, whether it's a consumer or business, they've got to look at the on- going concern here," Cantor explained. "Anybody looking at the fiscal house of the U.S. government right now has got to be concerned."

"We're not playing political football here. I think what we're saying is the reasonable position is the federal government has got to get itself in order," Cantor concluded.

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