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CNBC EXCERPTS: JACK WELCH, FORMER GE CHAIRMAN & CEO & BEST SELLING AUTHOR OF "WINNING" & "JACK: STRAIGHT FROM THE GUT" ON CNBC'S "SQUAWK BOX" TODAY

WHEN: Today, Tuesday, March 1st

WHERE: CNBC's "Squawk Box"

Following are excerpts from the unofficial transcript of a CNBC interview with Jack Welch, Former GE Chairman & CEO & Best Selling Author of “Winning” & “Jack: Straight from the Gut” on CNBC's "Squawk Box" today. All references must be sourced to CNBC.

WELCH ON THE BUDGET:

"Look at his budget bill; he gave an r and d credit, and then he threw in a mess on foreign tax credits- OK for businesses, which is not what a global company needs, he threw in super fund tax, he threw in a carry interest tax, he threw in all these things so it shows what he really wants, in that budget, just pick that budget apart piece by piece- his budget, so the actions aren't yet with the words."

WELCH ON OBAMA:

"Let's hope he's moving to the center, but from what I see unionizing for 43,000 TSA workers on a Friday, and giving a speech Monday morning- so far ....show me the money."

WELCH ON CONGRESS GOING AWOL:

"The idea that a Congress- a Senate can walk off- go AWOL on the citizens in their job, terrible things happen to soldiers that go AWOL- terrible things, I mean these guys can't do this."

WELCH ON PUBLIC VS PRIVATE:

"Talking about the public union, and comparing it to private sector unions- is like a giraffe and a cat- they couldn't be further apart."

WELCH ON THE ECONOMY:

"We are going to get through all this and this is still the best place to play, and with the state and local problems, we're still going to beat them, we will respond"

WELCH ON REVENUE:

"THE ARGUMENT IS THE DIFFERENCE BETWEEN THE 2 SITUATIONS WHEN THE REVENUE IS COMING FROM THE COMPETITIVE MARKETPLACE EVERYBODY HAS TO PITCH IN AND WIN WHEN THE REVENUE COMES FROM TAX INCREASES FROM ELECTED PEOPLE IT'S A LOSER."

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