The theory posed by some conservatives like Bachmann is that liberals will use the botched gun running investigation to begin a rallying cry for tougher gun control laws.
"No man is above the law. It doesn't matter if you are a janitor in a church basement or if you are the President of the United States, all of us have to be under the law and the same is true for Eric Holder," said Bachmann during an interview with Fox News.
Friday, the House voted to hold Attorney General Eric Holder in contempt, but the Department of Justice is refusing to prosecute. Bachmann claims that the vote wasn't political.
"It looks like Eric Holder is in major trouble," added Bachmann.
She also believes that President Obama is covering for Holder by using executive privilege to keep documents regarding Fast and Furious away from Congress.
"The President of the United States is telling all the secrets to the world he shouldn't, but he refuses to tell the secrets about Fast and Furious that he should," said Bachmann.
Bachmann blames the media for not covering the story more completely. She argues, "Clearly there is no question the media doesn't want the story on Eric Holder to be told because this is an ugly story for the Obama administration. And the question is how complicit is the president? What did he know? What did Eric Holder know?"