Former Honeywell chairman and CEO Larry Bossidy was handing out grades on Wednesday for how President Donald Trump, his Cabinet, and Republican leaders on Capitol Hill are doing.

Bossidy, a Republican supporter, told CNBC's "Squawk Box" he gives Trump and House Speaker Paul Ryan a "B minus" and Senator Majority Leader Mitch McConnell a "C."

Commerce Secretary Wilbur Ross, a billionaire who made his fortune investing in distressed assets, is "the MVP of the administration, what he's done on trade," he said. "I give him an A plus."

Bossidy was also asked about the odds of getting both an Obamacare repeal and tax reform before the end of the year. He gave an optimistic 6 in 10 chance.

Tax reform has been put second on the GOP agenda, behind the effort to repeal and replace Obamacare.

"When you look at the tax policies, I'm still enthused about what Trump is trying to do in terms of tax reform and the Affordable Care Act revisions," the former Honeywell CEO said.

Reducing the tax burden on American companies has been a bipartisan issue. But it's been stuck over how to pay for it.

Trump and the Republicans who control Capitol Hill are pushing corporate tax reform and individual tax cuts.

Two controversial proposals on how to pay for reducing corporate tax rates — eliminating the corporate interest deduction and installing a border adjustment tax on imports — could raise a trillion dollars each over 10 years.