Former Obama adviser plays defense on jobs report

Goolsbee also argued that the policies of GOP candidate Mitt Romney which he said included “cutting taxes for Mitt Romney's horse which counts as a small business under their definition,” will not help the situation. Instead broad-based growth that includes government investment is the answer. 

Romney senior economic adviser Glenn Hubbard countered that Obama's policy of raising taxes on the wealthy would hurt growth further.

“I can't imagine an argument that raising taxes on high income people is a recipe for growth,” he said, adding that “one can debate fairness arguments.”

Hubbard also had to play defense under tough questioning from host Chris Wallace. He declined to give new details on how Romney can balance the budget by 2020, two decades sooner than the House-passed 2013 budget.