Yup...or...the cable where it either goes into the CC, or out of the CC is damaged. Make sure both of the cable ends are "square", and not rounded off, and the plastic end for the cable from the CC to the speedo is still there. The plastic ends have a habit of breaking, and usually stick up in the fitting on the CC, which makes them really hard to remove. If all is well with the cables, turn the CC by finger at the inlet, where the trans cable goes in, and watch to see if the outlet side turns. If it doesn't, the CC transducer(box) is bad.

You could pull the cable at the trans end and connect your drill here. With every thing else connected up, this would tell you if your transducer is bad if your speedo does not work when the drill is ran.