RNC chairman Michael Steele says the GOP is being "disingenuous" in blaming Democrats for poor economic performance, since Republicans started the bailout process in the first place.

"Look, we can't go back out and start pointing fingers at Democrats and saying look how bad they're performing, look at what they're doing with the economy when we jumpstarted this thing," Steele said on MSNBC's Morning Joe. "We were the ones that put the $700 billion on the table and said, all right, let's start nationalizing the banking system."

Added Steele, "So now, for us to stand back and go, oh, that's a bad thing to do is disingenuous."

91 Republicans in the House and 34 in the Senate voted for the original financial bailout, which the Bush administration developed and lobbied for heavily. Since then, conservatives have criticized the program, arguing it has been poorly implemented.

Steele added that "poor leadership" led the party away from it's principles since Reagan left office.

"It was poor leadership. It was coming to Washington, drinking the Potomac River water, getting that fever, if you will, and spending, growing government 40 percent," said Steele.