• With: Mike Huckabee, former Arkansas governor

    NEIL CAVUTO, HOST OF, "YOUR WORLD": Popemobile to the rescue. Maybe the pope is bringing hope to Spain, never mind this very ugly week for stocks there, Spain just announcing that it is indeed slashing taxes on new home sales there.

    This is our version of desperately looking for hope for these markets in the eyes of the holiest man on the planet. So, anyway, he’s taking a break. But that doesn't mean, meanwhile, that President Obama still can't take in some work, because he may be kicking back in Martha's Vineyard this week and next, but that does not really mean that he cannot get some work done on the economy, and soon.

    So, here’s what I was thinking? And I want you to hear me out here, because I don't think it’s so crazy. I think they should have an economic ice cream social. Again, hear me out.

    The Obamas like a certain ice cream shop on the island. I guess it's called Mad Martha's. The blueberry ice cream is apparently to die for. Anyway, I think the president should get a hold of that new super committee, buy a few banana splits and just come up with a sweet deal for the economy.

    I'm told that particular eatery doesn't hold that many people, but you could stand and eat.

    Anyway, Mike Huckabee, what do you think of all that?

    MIKE HUCKABEE (R), FORMER ARKANSAS GOVERNOR: Well, it's a great idea. Why didn't I think of that?

    CAVUTO: You didn't have the graphics people.

    HUCKABEE: Well, I didn't have the graphics people.

    But you know what? It’s a better idea than what we are seeing right now, which is no idea whatsoever, other than, I will see you in September and I am going to deliver a major speech. How many major speeches do we need before the economy finally tanks to the point of no return?

    See, I think the Republicans missed the great opportunity. If I’d been John Boehner -- the president had this magical misery tour in the bus over in the Midwest -- I would’ve loaded up every one of the 200-plus Republicans. I would’ve gone to one of those town hall meetings.

    And I would’ve had the entire Republican delegation sitting there and saying, Mr. President; we can't get you to listen to us in Washington. We thought, since you were on a listening tour, maybe you’ll listen to us here. And it would have been one of the greatest just moments of political stagecraft in a long, long time.

    (CROSSTALK)

    CAVUTO: Can't they still do that in Martha's Vineyard?

    HUCKABEE: Well, why not?

    CAVUTO: And not in all that little eatery. I mean, it's tiny, but...

    HUCKABEE: Well, I think it would be great for the ice cream sales at Mad Martha's. Why not?

    I think something dramatic needs to happen to show that the Republicans are interested in bringing some type of attention to this and doing it now.

    And that ‘s one way they could do it, is all leave their vacations and show up for work and say, we won't even ask the president to come to Washington. We respect his vacation time. But we want to come and show him that we’re ready to sit down and to talk and to visit and...

    CAVUTO: But would anything come of it? I mean the president's view against...

    HUCKABEE: As much as is coming out of what we're doing now.

    CAVUTO: No, no, no, I hear what you're saying, but the argument against them coming back, from the president's point of view, well, we will just shout and argue with one another, so there is nothing to be gained from that.

    HUCKABEE: Well, your idea, when you toss ice cream in there...

    CAVUTO: Well, now you're talking.

    HUCKABEE: ... who’s mean when it comes to ice cream? I mean, there's -- there's...

    (CROSSTALK)

    CAVUTO: But can they -- I ‘m wondering -- I was kidding about that at the outset, but I'm wondering, this is what we are kind of looking at for the next 16 months, right?

    HUCKABEE: Yes.

    (CROSSTALK)

    CAVUTO: I mean so...

    (CROSSTALK)

    HUCKABEE: Let's face it. This is a political season that has started too early. It's going to get very, very ugly much earlier than it should and that it even normally has.

    And probably the government is going to do very little. But even that could be positive if the president would just say, look, it’s an election season. We’re not going to add any regulations. We’re not going to be able to get any tax increases, not going to cut anything. We're not going to add anything. The status quo is what we’ve got until the elections are over.

    (CROSSTALK)

    CAVUTO: How would people respond to that, though? Wouldn't they take it out on Republicans, as well as Democrats?

    HUCKABEE: Oh, yes, they would. But, I mean, that’s the president's best move, to do that.

    Now, the Republicans, their move then would be to lay out very specific plans, like they did with Cut, Cap and Balance. The president will not accept it, but keep putting it out there and say, we have a plan. If you don't have one, use ours. If you don't like ours modify it or replace it with something.

    CAVUTO: But we’ve got interest rates now as low as they were in 1950.

    HUCKABEE: Yes.