The following is a rush transcript of the October 16, 2011, edition of "Fox News Sunday With Chris Wallace." This copy may not be in its final form and may be updated.

CHRIS WALLACE, HOST: I'm Chris Wallace.

There may be more job plans than actual jobs coming out of a divided Washington these days.

Can all sides agree on anything to help get America back to work? We'll ask a top Republican many Democrats blame for blocking their idea, House Majority Leadership Eric Cantor in a "Fox News Sunday" exclusive.

And Iran's alleged plot to kill a Saudi diplomat here in Washington -- how should the U.S. respond? Is military action likely?

We'll discuss what happens now with the chairman of the Senate Intelligence Committee, Dianne Feinstein.

Plus, 2012 politics. Herman Cain soars, Mitt Romney holds steady, Rick Perry stumbles. We'll ask our Sunday panel where we stand in the GOP presidential race.

And our power player of the week holds the keys to our national treasures.

All right now on "Fox News Sunday."

(MUSIC)

WALLACE: And hello again from Fox News in Washington.

With the economy stalled and Washington deadlocked, we begin today with whether our government will do anything to help get Americans back to work?

Joining us now, House Majority Leader Eric Cantor, who was one of the key figures pushing the Republican agenda.

And, Congressman Cantor, welcome back to "Fox News Sunday."

HOUSE MAJORITY LEADER ERIC CANTOR: Good to be here, Chris.

WALLACE: President Obama and the Democrats are portraying you these days as the face of Republican obstructionism repeatedly, calling you out by name.

(BEGIN VIDEO CLIP)

BARACK OBAMA, PRESIDENT OF THE UNITED STATES: I'd like Mr. Cantor to come down here to Dallas and explain what exactly in this jobs bill does he not believe in. What exactly -- what exactly is he opposed to.

(END VIDEO CLIP)

WALLACE: We'll get into the question of what you oppose in the Obama jobs bill and what you support in a moment.

But how do you -- speaking generally, how do you feel about being the new political villain according to the Democrats?

CANTOR: You know, I guess a lot of the folks on the other side of the aisle want to boil this down to personality. And it's really not about that, the differences that we have with this president are policy-based.

And we know in this town, Chris, there are a lot -- there's a lot of differences right now. And I think the people of this country want to see us trying to set aside those differences and actually come together on the things that we can agree on. We agree that the economy is woefully, woefully weak. We agree that there's too much income disparity in this country.

We believe that everyone ought to be lifted up and we ought to be working on the policies that help that happen, which is to focus on small businesses. And that's what we are trying to do going forward.

WALLACE: All right. Let's break this down and talk specifics. Let's look at the president's job's plan, which was blocked in the Senate this week. Here it is -- $245 billion in tax cuts in incentives, $140 billion in new spending on infrastructure and aid to states, $62 billion in aid to the unemployed.

Question: what's wrong with that plan?

CANTOR: Well, the plan in total was one that was met with a lot of resistance frankly on both sides of the aisle when the president unveiled it in September. And so, when the president spoke that night, I said, let's work together, stop the all-or-nothing approach. We're not going to be for tax increases on small businesses. He knows that. The Senate just killed the bill this week.

So, we said since the beginning when the president came to my district. I've said again and again, Mr. President, we want to work with you. We've got our plan here. This is a plan for America's job creators. We have sent -- we've got 12 bills sitting over on the Senate, that there are things that the president says he believes in -- let's work together, let's find some of the things in his plan that we agree with and let's go ahead and do that for the American people.

WALLACE: OK. We'll get to the Republican plan. And I agree, there is a plan and we'll get to that in the moment.

But you say that there are parts of the Obama plan that you can support. Like what?

CANTOR: Well, I mean, this week was indicated of how we can come together. We passed big three trade bills that are over five years in the making. We have a 3 percent withholding bill that we're going to bring up in another week to help small businesses in the way they conduct their businesses within the government.

We've also had bills coming forward the president says he supports that helps small businesses to access financing and capital so they can begin to grow and create jobs. The president talks a lot about the need for unemployment insurance reform. We've had that in our plan, Chris, since two years ago. When we were in the minority, then Leader Boehner and I went to the president. We presented him with the no cost jobs plan. We said we can do these things, let's work together, let's set aside this all-or-nothing approach that the president continues to go out across this country and campaigns about.

WALLACE: OK. Let's talk about the big parts of the Obama plan -- $100 billion in new spending on roads, bridges and schools. For or against it?

CANTOR: Well, we believe that there's a need for some infrastructure spending in this country, absolutely. But I think what you've got to look at is the president has gone across this country and found bridges and roads where he said, "See, this is why we need spending."

And I think what that does is remind people that the stimulus bill that he created and passed didn't address the problems. There's a reason -- because the process of approvals is so weighed down and bureaucratic red tape is so thick, you can't get the money to the jobs.

So, we said, let's reform the city. Let's go about redoing the permitting process so we can actually get those shovel-ready jobs that he speaks -- the money that they need. Absolutely.

WALLACE: So, if you could get the re-permitting, in effect, taking some of the red tape and cutting it, would you go for $100 billion in infrastructure and new spending?

CANTOR: Well, what we want to see is we want to see the states set sides done away with right now, when states have monies, they come from the federal programs. They are required to set aside 10 percent of those funds for projects that really are not priorities, bypassing others that are nice things. But, frankly, right now, the infrastructure of this country needs to be dealt with.

So, it's about reform, Chris. Yes, we are for infrastructure spending but it's about reforming the system so we're not throwing good money after bad and we can actually get the job done.

WALLACE: What about in the Obama plan, $35 billion for states so that they don't have to lay off teachers, police and firefighters?