I've been waiting for this one. Despite numerous people that say Figaro - including Goebel on the label on the S&P set (DIS 138) that matches this figure - this is Tuffy, one of the kittens from Three Orphan Kittens.
And I'm not just saying that, I have evidence to back it up. As we've shown already with the Foulfellow figure, Goebel did not always know who was who in their figures. This is another case. Based on an illustration from the 1934 Whitman book pictured below
that depicts the kittens playing with a sewing basket (as kittens are wont to do). This illustration is clearly what this figure and it corresponding S&P set was based on.