This is a rush transcript from "Glenn Beck," July 1, 2009. This copy may not be in its final form and may be updated.

GLENN BECK, HOST: The Kaptur amendment included in the manager's amendment of H.R. 2484 authorizes the secretary of energy to authorize a power marketing authority with $3.26 billion in additional lending authority. I'm pretty sure that's the definition of tit-for-tat but I'm not sure.

Tom Borelli is here — he is a senior fellow for the National Center for Public Policy Research; and David Kreutzer — he is senior policy analyst for the Heritage Foundation are here.

Tom, let me — or, David, actually, let me start with you.

DAVID KREUTZER, THE HERITAGE FOUNDATION: OK.

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BECK: This deal — I mean, she is proud that she brought home the bacon. How much bacon is in this thing? This is amazing.

KREUTZER:: It is all bacon. It is mostly — I mean, they have given most of the tax revenue. I tell you, the bill, the provisions, the economics, are fundamentally rotten. And this is just putting hot sauce on.

They're hoping they're going to distract you from the lost jobs. And so, they are giving stuff to somebody's representatives so they can point and say, "Look, I have this lending authority that's creating a windmill factory or whatever," but they're ignoring twice as many jobs that are lost elsewhere.

BECK: Tom.

KREUTZER:: So, that's all we have. We're giving cover for people. It's hard to go back and say, "Hey, look, I voted for a bill that's going to — that costs millions of jobs and the American economy is going to reduce income, that's going to raise energy prices 50 percent to 90 percent." So instead, you get something to distract them, you say, "Look, I have this bill that's going to lend some money, is going to create the hurricane center or whatever."

So, that's all it is. It is window dressing.

BECK: OK.

KREUTZER:: to distract us from the fundamentals.

BECK: This is — can I saying something? I think this is money laundering.

TOM BORELLI, NATIONAL CENTER FOR PUBLIC POLICY RESEARCH: It's money laundering and basically auctioning off the United States, our budget. It starts — remember, Obama wanted $600 billion of revenue from this. That was the starting point. He's given 85 percent of that away to get passed.

And these earmarks are very small part. The big enchilada, all — a lot of the money is going to corporations through the carbon credits. That's how they are able to buy votes. They're buying votes through members; they're buying votes through corporations.

BECK: Somebody help me out here. David, help me with the .

KREUTZER:: Yes.

BECK: USCAP. Is it USCAP? It's that the way .

BORELLI: The United States Climate .

KREUTZER:: USCAP.

BORELLI: . Action Partnership. It's a partnership of radical environmental groups and big corporations.

BECK: OK.

BORELLI: They're married together.

BECK: Look at the — down at the bottom of the screen, you can see all of the — it's Chrysler. It's John Deer. It's Caterpillar.

BORELLI: Chrysler with our money.

BECK: Yes. General Motors.

BORELLI: Lobbying for our money, right.

BECK: They are all in here. This is — this is amazing. And what is happening here — and, David, I'd love to hear your thoughts, is .

(CROSSTALK)

BECK: The American people are supporting the poorest of the poor and the richest of the richest, and we're getting hammered in between. The middle class .

KREUTZER:: We're getting hammered hard.

BECK: . means nothing to this government.

KREUTZER:: We're getting hammered hard.

What's really — it's almost funny. These companies, when the original bill came out, it had 100 percent auction of the allowances. And what that meant was they weren't going to get any of the gravy. All of the sudden, they weren't interested in supposedly saving the environment. It was only after they hammered and hammered and hammered and backroom deals and so on that they were able to get their share of this 85 percent that's being given away, that all of a sudden out there, they're environmentalists again.

BECK: See, this .

KREUTZER:: So, this is a big giveaway.

BECK: This is — this is — because we have a big piece later on ACORN and SEIU which .

BORELLI: Which part of .

BECK: And you wouldn't believe how much money — I mean, they had — they had volunteers like crazy going out and campaigning. This is, later, campaign cash, isn't it?

BORELLI: Yes.

BECK: This is taking my tax dollars .

KREUTZER:: Yes.

BECK: . and funding their campaigns.

KREUTZER:: Exactly.

BORELLI: And this is the tip of the iceberg. You have — you have the coordination of the activist groups and the corporations. They own the infrastructure of the left. They own the media. They own the non-profit foundations, the Forbes, the Pew Foundation, all that money, and now they are after corporations.

Corporations are the last link in the chain. This is the battle of our lifetime. If we — it's time for the people to go after them.

(CROSSTALK)

KREUTZER:: They are turning the corporations into dependents as well as the people on welfare.

BECK: Yes. Well, they're afraid — a lot of them are afraid. Tell me what, what is it CERES.org?

BORELLI: CERES.

BECK: What is this?

BORELLI: CERES.org .

BECK: What is that?

BORELLI: It's a non-profit group. And what — it's made of union pension funds, environmental activist group, and they go in and they lobby the corporations. Basically, they lobby with a stick, "You can join our agenda and we won't go to your shareholders meeting and give you heartaches."

(LAUGHTER)

BORELLI: "Or we can — you can join with us, we'll give you a way to make money and be loved by everybody." They're being hijacked.

BECK: And, David, help me out on this. Yesterday, I talked about, what is it, location efficient loans.

BECK: I've never .

KREUTZER:: Isn't that a great one?

BECK: . even heard of location efficient — what is that?

KREUTZER:: Well, here's even better. Who's administering it? Fannie Mae and Freddie Mac — the same people that let us to the housing bubble and collapse. They're going to be given more authority. Somebody doesn't like where you're going to choose to live, so you will only get the mortgage if you live with anyone should have live.

BECK: Wait, wait, wait.

KREUTZER:: I guess .

BECK: I'm trying to understand what this means. What does that mean exactly? That if I'm — if I'm living in an inner city, then I get the loan, if I want to live in the suburbs, I don't?

KREUTZER:: I don't know. Maybe if you live near the highway interchange you get it, or you don't. If you live near a metro stop, I don't — I don't know what energy efficient location would be.

BECK: This is all a planned society.

BORELLI: It's all the planned society but the key was capturing the corporations. Once you get that money, power and influence, it's game over public policy-wise. That's why it's Independence Week, Fourth of July — it's time for Americans to recognize and stand up. We don't have the money that they have and the influence, the special interests, but it's time for people to wake up.

(CROSSTALK)

BORELLI: (INAUDIBLE) of corporations.

BECK: What they going to — you know, I ask this of everybody. I have to tell you. This is what I'm going to spend my vacation on. I'm going to be thinking, what is it that people do? They are connecting with each other. They are standing up. They are making phone calls. What is it that they are supposed to do, Tom?

BORELLI: Well, we got to go to their congressional offices. We cannot allow this cap-and-trade bill to pass — end of story.

BECK: OK.

BORELLI: This is the battle of our lifetime, Fourth of July. This is our revolution, a peaceful one. Let's go to their offices.

BECK: OK.

BORELLI: We can't allow them to win.

BECK: All right. Tom, Dave, thank you very much. I appreciate it. OK.

KREUTZER:: Thanks for having me.

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