This is a rush transcript from "Your World with Neil Cavuto," July 31, 2007. This copy may not be in its final form and may be updated.

NEIL CAVUTO, HOST: Now, Washington might have a tough time killing deals, but that does not mean it's done with the deal-makers. Hard to say how that affects Rupert Murdoch and his all-but-done deal now with Dow Jones, but talk of hiking taxes on hedge funds and pushing windfall profit taxes, zeroing in on the wealthy folks, like Mr. Murdoch, all fair game, apparently.

Just ask Minority Leader John Boehner, who is doing his best to thwart those moves.

Congressman, what do you make of those moves? They're still very real, very alive, despite or maybe because of what's going on in the markets.

REP. JOHN BOEHNER, R-OHIO, HOUSE MINORITY LEADER: Well, Neil, it's Washington. And, with the new majority here in Washington, if it's moving or breathing, they are going to find some way to tax it or regulate it.

And, when it comes to the Rupert Murdoch-Dow Jones deal, you can imagine the Democrats here in Congress are going to find some way to get their fingers in the middle of it.

(CROSSTALK)

CAVUTO: Could I ask you a dumb question? Do — so you would have hearings?

BOEHNER: If it's your question, Neil, it can't be dumb.

CAVUTO: But you have hearings, right? So that's a gimme.

BOEHNER: Yes.

CAVUTO: And then what — what comes of those hearings?

BOEHNER: Well, you know, they will — they will look for some hook. They really do believe that more government is better for the country, that we ought to take more of people's income, we have a larger government, and Washington ought to have more control.

I mean, I came here 17 years ago because I thought the government was too big, that it spent too much, and was not being held accountable. And, so, there's a real difference between the two political parties here. But, this week, we're talking about raising taxes again. We're going — we're going to make cuts in Medicare. We're going to raise taxes on private health care plans in order to pay for this new children's health program than they want to do.

We have got a big energy tax increase coming this week to produce — to actually make sure that we don't have enough energy with an energy bill that has no new net energy in it.

CAVUTO: But you're saying that we're doing this at a dicey time, right; the markets are having some problem getting their footing and introducing this kind of stuff or even talking about it could make things worse?

BOEHNER: All it does is send the wrong signal to the market.

CAVUTO: I see.

BOEHNER: It tells investors, "Maybe you should be a little more cautious. Washington is out of control. Why would I want to put more money into the market at this point?"

This would be a good time for us to pause. Thankfully, by the end of this week, Congress will be on its annual August district work period, and America can feel safer.

CAVUTO: All right.

Speaking of which, you're concerned as well about the Democratic position on surveillance and a lot of the methods that you helped champion, with the president. You're concerned now they're scaling back on that, and that could leave us vulnerable.

Others are saying, look, it's — it's, sort of, like a freedom of speech, freedom of movement type of thing, and guys like you are getting in the way of that. Where does it...

(CROSSTALK)

BOEHNER: Well, Neil, we have a serious problem with the Foreign Intelligence Surveillance Act that allows us to listen in to phone conversations, other types of communications, with people who live outside of the United States without a warrant.

If we're going to listen to someone in the United States, we need to have a warrant. That's very clear.

There's been a ruling, over the last four or five months, that prohibits the ability of our intelligence services and our counterintelligence people from listening in to two terrorists in other parts of the world where the communication could come through the United States.

This means that our intelligence agencies are missing a wide swathe of potential information that could...

CAVUTO: Right.

BOEHNER: ... help protect the American people. The Democrats have known about this for months. We have had private conversations, we have had public conversations that this needs to be fixed. And Republicans are not going to leave this week until this problem is addressed.

CAVUTO: All right, Congressman, I wish we had more time, but we do not.

John Boehner, thank you very, very much.

BOEHNER: Neil, nice to be with you.

CAVUTO: Same here. All right.

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