'This Week' Transcript: GOP Candidate Rick Santorum and Rep. Barney Frank

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All that said, I disagree with Arianna, if the trend is good in 2012 as it was for Ronald Reagan where unemployment started under him at 10.8 percent, Ronald Reagan rode that raising tide of good news to a 49 state win.

HUFFINGTON: But Ronald Reagan, that's the question, are you better off now than four years ago? And Barack Obama can not ask that question and expect an answer yes. And that's really the...

BRAZILE: But he can go to the American people and say, do you want to go back to the policies that led us to this deep recession? And do you want to go back to a political party that in the midst of a recession would not lift a hand to help the middle class?

AMANPOUR: And Tim Geithner, Treasury secretary, has been back and forth to Europe again to harp on this, because it is America's biggest market, Europe. And obviously this is where the fear is coming from.

What can the, if anything, the president do, or the administration do to mitigate what's happening there?

BRAZILE: Well, Sarkozy and Merkel will be meeting tomorrow. Hopefully, they'll come up with policy that will strengthen the euro.

AMANPOUR: They want to rewrite treaties.

BRAZILE: But how much -- what's left in our tool box?

GARRETT: There's one mechanism. The European Central Bank could use the IMF as a means by which to push funding through, so then the Europeans would feel that it's the IMF and its disciplinary focus, not the European Central Bank, meaning the Germans, who are imposing new fiscal discipline and supervisorial and punishment powers all throughout the euro zone. If that in fact happened -- it's been proposed -- if that happens, that could be something the United States could do. We are the largest donor nation to the IMF, 17 percent. There is $390 billion available from the IMF to loan Europe. That's not nearly enough, but if the European Central Bank adds its resources to that, pushes it through the IMF, that could solve the problem.

WILL: Just wait until that gets cast in the political debates--

(CROSSTALK)

GARRETT: Which might be an economically wise thing to do, but politically has no validity whatsoever.

AMANPOUR: Ron Paul, we didn't talk about Ron Paul.

GARRETT: We did, I mentioned--

(CROSSTALK)

AMANPOUR: We want to carry on.

GARRETT: He is a factor in Iowa, and don't forget about it.

AMANPOUR: 18 percent is No. 2 in the Des Moines Register poll. Where do you think that that's going to take him?

BRAZILE: He has an organization. Unlike Newt Gingrich, whom I mentioned. Newt Gingrich is full of ideas. He's full of platitudes and soundbites. But Ron Paul has an organization in all these key early states. His base is enthusiastic and they will come out and support him.

WILL: He has a low ceiling but an absolutely solid floor. And on Friday, on Neil Cavuto's show on Fox News, he was asked, might you run as a third-party candidate? He says, I'm not thinking about that, I'm doing pretty well. Now, that is a studied and excellent non- denial. The fact is, he has the infrastructure in place to re-elect Mr. Obama.

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