President Obama's budget is a good example of why Sen. Judd Gregg (R-N.H.) could not serve in good conscience as the president's Commerce Secretary, the former nominee said Thursday.

Gregg rated Obama's budget proposal, released today, as "minus three" on a scale of one to 10, during an appearance Thursday morning on CNBC.

"I think it's a good example of why I shouldn't be Commerce Secretary," Gregg said. "There's really no fiscal discipline that I see here."

The New Hampshire Republican said the administration had misrepresented the numbers in its budget by relying on an assumed tax increase, as well as claimed savings for spending the administration knew it would not have been able to afford anyway.

"I was sort of hoping that we would see in here some language and some proposals that would say that after...we get out of this bad economy, we're going to discipline ourselves on the financial side of the ledger," Gregg added.

The deficit-hawking Gregg called on the administration to halve the deficit, which he called "not really a heavy lift" under rules preceding Obama's entering office.

Watch a video of Gregg's appearance below: