Newt seems to think it may be.

Former House Speaker Newt Gingrich is warning fellow Republicans that conservatives may leave the GOP for a third party in 2012.

“If the Republicans can’t break out of being the right wing party of big government, then I think you would see a third party movement in 2012,” Gingrich said Wednesday during a speech at the College of the Ozarks in Missouri, the local television station KY3 reported.

Gingrich thrashed Republicans for allowing increased spending during the Bush administration and for not doing enough to block President Barack Obama’s early initiatives.

“Remember, everything Obama’s doing, Bush started last year,” Gingrich said. “If you’re going to talk about big spending, the mistakes of the Bush administration last year are fully as bad as the mistakes of Obama’s first two, three months.”