• With: Rep. Cathy McMorris Rodgers, R-Wash.

    NEIL CAVUTO, HOST OF, “YOUR WORLD”: Take our money and shove our advice? Just a day after the Federal Reserve pumps money into Europe, President Obama’s top moneyman reportedly telling European leaders -- and I quote -- "We still have our challenges in the United States. Our politics are terrible, maybe worse than they are in many parts of the Europe. We’re not in a particularly strong position to provide advice."

    Republican Congresswoman Cathy McMorris Rodgers on all of that.

    Then I guess why the heck give it and give money?

    REP. CATHY MCMORRIS RODGERS, R-WASH.: Yes. He’s making excuses.

    It’s totally irresponsible and he’s blaming our debt and economic crisis on politics, politic crisis? And, truly, he’s ignoring the fact that it’s the Obama administration, the record borrowing and record spending and the bailouts that have contributed to the economic and debt crisis that we face here in America.

    And I’m actually -- here we, as Americans, American taxpayers, have been funding bailouts, European bailouts advocated by Secretary Geithner to continue to support these European Union countries that have borrowed and spent way beyond their means. What we need is pro-growth policies, not pro-big-government policies.

    CAVUTO: But I’m wondering you know when Standard & Poor’s downgraded our debt, Congresswoman, among the factors it cited was this impasse and the bickering between the Republicans and the Democrats in just securing the last deal which I believe it called tepid.

    Does the treasury secretary have a point on that front?

    RODGERS: I don’t believe he does. I believe he’s ignoring the real issue here, which is the record borrowing, the record bailouts; the record spending that’s been taking place in this country, as well as in Europe. And that is what is at root of our problem.

    And there’s a disagreement here in Congress as to how quickly we can get it under control. But, just recently, we had Sarkozy and Merkel over in the European Union advocating for balanced budgets. And Italy is really close to passing a balanced budget.

    I’d like to think that they are following our lead and the voices here in Congress that have been saying, we need a balanced budget in America, we need a balanced budget amendment, and now they’re saying, Europe should move in the direction of balancing budgets.

    CAVUTO: You know things are bad, Congresswoman, when the French are lecturing us on economic policy, but that’s a whole separate show.

    But, you know, Congresswoman, I am wondering, what is the Republican position? I know you cannot speak for all your colleagues, maybe just in your case. If a European bank were in a lot of trouble -- let’s say Societe Generale comes up, Banca Agricola another big European bank.

    They’ve all been hurting, concerns that they might go belly up and we have a lot of exposure to them, as you know, Congresswoman.

    RODGERS: Yes.

    CAVUTO: Bank of America comes to mind here, that if any of these institutions over there go down it’s going to hit us over here, so it is in our interests to help out. You say no?

    RODGERS: Well, I think that we need to start taking steps immediately to prevent that from happening. But these banks, they are. They’re leveraged way beyond three and four times even what the GDP is in...

    (CROSSTALK) CAVUTO: So you wouldn’t do what our Federal Reserve just did, in other words, to join these other central banks in providing a cushion just in case they get into deep doo-doo?

    RODGERS: We cannot continue down this current path because there has -- we have to change course. We have to start taking some steps that will actually get us back in line to where we need to be.

    Just more spending and more printing of money only digs the whole deeper as I see it, and that’s where the current policies are failing us. And more than anything, what we need to do is get our economy going, growing. We need to get people back to work. That’s the best thing that we could do right now in America and also in the European Union. And the policies that we’re advocating is getting the federal government out of the way. The federal government in too many examples is the problem.

    CAVUTO: You have Nicolas Sarkozy on line one for you, Congresswoman.

    Always good seeing you. Have a good weekend.

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