This is a partial transcript from The Beltway Boys, June 15, that has been edited for clarity. Click here to order the complete transcript.

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MORT KONDRACKE, CO-HOST: Welcome back to The Beltway Boys.

Let's see if Fred's done his homework on the Tip Sheet for this week.

Item one, despite a loss to Poland Friday, U.S. World Cup Soccer advances into the second round next week.

FRED BARNES, CO-HOST: Well, they're very lucky, but there is an upside to being in the second round this way by losing to Poland, and that is, instead of facing Italy, they'll face Mexico on Monday. Beaten Mexico before, they've never beaten Italy. But they're going to have to bring their A-game this time. America has an exciting team, but they're going to have play better than they did against Poland to beat Mexico.

KONDRACKE: So who's the world champion?

BARNES: Probably Germany.

KONDRACKE: Not France, not Argentina.

BARNES: Well, they're out, yes.

KONDRACKE: I know, I know.

Item two, President Bush will speak at the Carpenters Union National Conference next week.

BARNES: Well, this is a Karl Rove special, you know, Rove is a political adviser. Rove's aim is to broaden the president's base by attracting labor union members and Latinos. Obviously this is the labor part.

KONDRACKE: Well, you know, the Democrats are, are all over Rove this week because he allegedly used White House facilities to — for political reasons.

BARNES: Yes.

KONDRACKE: What, what a crock. Has anybody ever heard of Harold Ickes?

BARNES: And they're also, and they're also afraid to attack Bush.

KONDRACKE: Yes.

Item three, Pakistani President Musharraf will hold a meeting of all main Pakistani political and religious parties.

BARNES: Yes, boy, I'd — that's going to be a tough job for him, getting them to not support terrorism in Kashmir and, and, and joining him on that. Good luck, Pervez.

KONDRACKE: Except we're back from the brink of nuclear war.

BARNES: Well, that's good.

KONDRACKE: Item four, Monday marks the 30th anniversary of Watergate.

BARNES: You know, so many in Washington are still transfixed by Watergate. People can tell you exactly where they were and what they were doing on that night in 1973 when the Saturday night massacre occurred, you know, the attorney general was fired and so on. Where were you, Mort?

KONDRACKE: No, I can't remember where I was that night, but I can remember that on the morning...

BARNES: How about last night?

KONDRACKE: ... no, to the morning — yes, the morning that Watergate broke as a minor police story in the newspaper, my wife said, "Nixon did it." I said, "No, no, no." She was right.

BARNES: ... she really is smart, yes.

KONDRACKE: Right.

Item five, President Bush is launching a physical fitness initiative next week to get Americans back in shape.

BARNES: Well, I'm not...

KONDRACKE: Not a moment too soon.

BARNES: Well, I'm not exactly a health and fitness fanatic. I mean, it does have its place. But you want to really make this thing go? What, what the president ought to offer is a tax credit for people to have trainers.

KONDRACKE: That's just what you'd expect from a conservative. Health clubs...

BARNES: Tax credits work.

KONDRACKE: Let's have a tax on fatty foods.

BARNES: Oh, come on, Mort.

KONDRACKE: Yes, exactly.

BARNES: Oh, geez.

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