ABC has made the transcripts available and the question and answer is below:
Tapper: Just to change the subject from the economy, the "Fast and Furious" controversy. Aside from some of the more wild charges out there, this is a big scandal. The Justice Department, the ATF was moving guns and some of them were tied to crime scenes. what was your response when you first heard about it?I'll let you make your own judgement as to the truthfulness and adequacy of that answer.
Obama: Well I heard about it from the news reports. This is not something we were aware of in the White House and the Attorney General it turns out wasn't aware of either. Obviously Eric Holder has launched a full investigation of this, it is not acceptable for us to allow guns to go into Mexico. Our whole goal has been to interdict aggressively in the flow of weapons and cash flowing south into Mexico because the Mexican president, President Calderon, has done a heroic job of trying to take on these transnational drug cartels. So this investigation will be complete, people who have screwed up will be held accountable but our overarching goal consistently has been to say we've got a responsibility not only to stop drugs from flowing north, we've also got a responsibility to make sure we are not helping to either arm or finance these drug cartels in Mexico. So it's very upsetting to me to think that somebody showed such bad judgment that they would allow something like that to happen and we will find out who and what happened in this situation and make sure it gets corrected.
UPDATE: Mike Vanderboegh has an interesting post on the whole whitewash attempt here on his blog. It makes interesting reading.