The divisions taking hold among Republicans are becoming more severe as the party prepares to accuse its outgoing president of embracing "socialism."

The slur that conservatives were so fond of lobbing at Barack Obama during the presidential campaign is now being directed toward President Bush and GOP lawmakers who supported federal bailouts of the banking and auto industries.

At its meeting next month, the Republican National Committee is set to vote on a resolution formally opposing the bailouts, accusing Bush of helping nationalize the banks and taking "another dangerous step closer toward socialism," the Washington Times reports Tuesday.

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"We can't be a party of small government, free markets and low taxes while supporting bailouts and nationalizing industries, which lead to big government, socialism and high taxes at the expense of individual liberty and freedoms," Solomon Yue, an Oregon member and co-sponsor of the resolution told the Times.

The resolution reads, in part:

Republican leaders in both the House and Senate supported the Wall Street bailout, and GOP presidential candidate John McCain infamously "suspended" his campaign to return to Washington and whip up support for the bill. A Republican-led filibuster blocked the auto industry bailout in the Senate, but Bush decided to use some of the previously approved $700 billion to grant loans to the car companies.

During the campaign, accusations that Obama was a closet socialist proliferated on talk radio, conservative blogs and in McCain/Palin campaign speeches.

For the record, "The resolution also opposes President-elect Obama's proposed public works program and supports conservative alternatives," another co-sponsor told the Times.