Cantor: Job Creation Hinges On Better Governance

House Majority Leader Eric Cantor says Washington must demonstrate that it can "put its fiscal house in order" before the country will see the kind of strong economic growth necessary to create new jobs.

The Virginia Republican tells CBS's "The Early Show" discussions between the administration and Congress on slashing spending are moving along, but more must be done.

On the eve of the government's release of the latest employment figures, Cantor says Democrats and Republicans want to "forge some consensus" on spending. He acknowledges a looming deadline for raising the debt limit puts pressure on all sides, but says "you can't wave a magic wand in Washington" and automatically bring about large-scale hiring across the country.

The government already has reached the limit of its borrowing authority, $14.3 trillion.