At this point, the 2012 presidential election is shaping up to be a referendum on President Barack Obama’s first term and with 9.1 percent unemployment you have to like the Republican Party’s chances. However, is it possible the GOP could blow it?

On Monday’s “Special Report” on the Fox News Channel, senior political analyst Brit Hume had some words of advice for the GOP candidates, specifically on the economy and on foreign policy. On economic matters, Hume said not to overemphasize deficit spending at the expense of revitalizing the economy.

“It now appears that the economic conditions facing the incumbent Democrats next year will be at least as negative as those that led Republicans to defeat in 2008,” Hume said. “Republicans now have a remarkable opportunity, but they need to be careful. Public alarm over deficits and debt may be at an all-time high. But in the zeal of cutting spending, Republicans must not seem to care more about shrinking the budget than expanding the economy. The two goals are not incompatible, but Republicans must make the connection between them or risk looking like a party of accountants.”

And since the Republicans only have one chamber of Congress, he also advised not to expect too much.

“This may be harder than it appears with the intense pressure Tea Party activists will surely exert for far deeper spending cuts than the GOP with control of only one house of Congress is likely to achieve anytime soon,” Hume said.

As far as U.S. foreign policy is concerned, Hume warned the current non-interventionist strain that has permeated the Republican Party could make the United States look weak, which isn’t exactly a flattering position for the a party wanting to defeat Obama.

“On foreign policy, some congressional Republicans and some GOP presidential candidates seem ready to pull the plug on the limited Libya operation and head for the exits in Afghanistan as well,” Hume said. “Neither of these conflicts is popular so it may look like good politics to oppose them. But does the party of Ronald Reagan want to become the party who helped a wounded brute like Gaddafi survive in power or let Afghanistan regress into the terrorist haven that gave us 9/11? President Obama may be inclined to relinquish the U.S. role in the world and as he might put it to lead from behind. But do Republicans really want to follow him?”