Peter Peterson knows a little something about Republicans, Wall Street, and American business. He’s a former Commerce Secretary under Republican President Richard Nixon, a former New York Federal Reserve chairman and a former chairman and CEO of Lehman Brothers.

And what he sees right now is that Republicans and business are not stepping up to the plate.

BUSH/“One of the things that troubles me about the position of the Republicans is they’ve also been the party of  ‘yes,’ not just the party of  ’no’,” he said in an interview with Reuters Insider TV.

Peterson gave as an example a rise in discretionary spending and the enactment of the Medicare prescription drug bill “without paying for it” during the administration of former Republican President George W. Bush.

“So one of my big concerns about the Republican Party – it’s one thing to state a principle called fiscal conservatism, and it’s another thing to come up with a program to do something about it. And like the Democrats, they have been very lacking in coming up with such a plan,” Peterson said quite bluntly.