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House Minority Leader Roy Blunt

This is a rush transcript from "Your World with Neil Cavuto," June 19, 2008. This copy may not be in its final form and may be updated.

(BEGIN VIDEO CLIP, NOVEMBER 8, 2006)

REP. NANCY PELOSI (D-CA), SPEAKER OF THE HOUSE: The Democratic — the new Democratic majority has heard the voices of the American people. They spoke out for a new direction to bring integrity, integrity back to Washington.

And we will make this the most honest, ethical and open Congress in history.

(END VIDEO CLIP)

NEIL CAVUTO, HOST: Or maybe not. That was then. This is now — Democrats accused of some wrongdoing — 28 House Republicans today demanding an investigation and hearings into sweetheart deals they claim two high-ranking Democrats got on their mortgages from Countrywide Financial, one lawmaker, Senator Christopher Dodd, one of the architects of a foreclosure rescue bill being debated today.

President Bush vowing to veto that bill — critics say that it could benefit companies like Countrywide that are blamed for causing a lot of the mess.

With us now, House Minority Whip Roy Blunt.

Video: Watch Neil's interview with Roy Blunt

Where does this stand, Congressman?

REP. ROY BLUNT (R-MO), HOUSE MINORITY WHIP: Well, Neil, we would like to see the House look at this and be sure that the Senate is pursuing it.

Clearly, the economy is the biggest issue in the country today. We've been talking and presenting alternatives for a couple of months now on energy. But the other big issue that slowed the economy down is clearly the credit problem. And a lot of that credit problem is caused by housing.

And for the very people who are supposed to be looking at the industry to either know what was going on in the industry, one, or, two, have such close relationships there that they couldn't monitor the industry, I think is a big problem, and it ought to be looked at.

CAVUTO: Well, are you saying, as some of your colleagues are, sir, that Senator Dodd, for example, should resign?

BLUNT: No, I'm not saying that. I am saying — you know, I'm from Missouri, Neil, as you know.

I'm saying that Senator Dodd, as the chairman of the Banking Committee, not knowing what the normal rate for a loan was at the time he got his, that's like Mark McGwire not knowing he needed to hit 62 home runs to beat Roger Maris' record.

This is something the banking chairman should know. And I have heard a couple of different stories already, one, that he didn't know he was in a program. Then he knew he was in a program, but he didn't know what the program did, and that he didn't know whether his rate was better than anybody else's or not.

I would hope that our banking chairman on the House side at the same time would have known more than that.

CAVUTO: All right. So, you know in your heart of hearts — you're a pretty good political read at things, too, Congressman — these hearings aren't going to go anywhere; they're not going to do hearings.

BLUNT: I think they're not going to do hearings.

I think all of this talk about openness and ethics was whatever it took to get elected, just like the pledge that the Democrats said, the current speaker said in April of 2006, that she had a commonsense plan; the majority had — that they would have a commonsense plan, the majority, to do something about gas prices, which have now almost doubled in 17 months.

That's kind of like their ethics pledge.

CAVUTO: All right.

Congressman, very good seeing you. Thank you very much.

BLUNT: Good to be with you, Neil.

CAVUTO: All right.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

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