Sarah Palin says a third party option not out of the realm of possibility

Sarah Palin said Saturday a third party option is not beyond the realm of possibility.

Palin, a former Alaska governor and the GOP 2008 vice presidential nominee, on "America's News Headquarters" thanked President Obama for his service, but said now it's time go. She says Gov. Mitt Romney deserves a chance.

"If you don't know who you dislike or like more, (Obama or Romney), go ahead and give Romney a shot. We don't want to repeat the failed policies of Obama. President Obama doesn't get free market or American Exceptionalism," she said.

Despite helping Republicans win control of the House in 2010, the Tea Party has taken a more low-key approach election cycle.

Gov. Palin, who now is widely considered a "Tea Party Activist," says don't count the movement out. She says the patriots are hard at work around the country.

"The Tea Party is a grassroot of independent Americans. They know that they are taxed enough already. They want to shrink government and make it smarter and make it as less relevant to us in our lives as possible," Palin added.

When asked if she would consider creating a third party if neither Gov. Romney nor President Obama would budge from their current positions on a variety of issues, Palin left open the door.

"Look what happened in the mid 1800's. The Whig party went away and the Republican Party surfaced. Because the electorate got sick and tired of the party fighting for power and not doing the will of the people."

Palin went on to say history could repeat itself.

"If history is an indication it is a possibility," she said. "If the Republicans don't remember what the planks in the platform represent ... that is opportunity to prosper and thrive in the most exceptional nation in the world. We do that through a free market. If the Republicans become like the liberal left and democrats, I wouldn't be surprised if history didn't repeat itself."

By Regina Bratton