His views are echoed by Senator John Carty who stated a change of government won't solve the country's problems.
"A lot of people are genuinely worried about their circumstances and they are justifiably unhappy and worried. It's bound to have an impact on Fianna Fáil's popularity.
"But there is a realisation that tough decisions have to be made and patience is required before the country gets back on its feet again. Having an early general election won't solve anything."
Senator Carty said his party had no intention of throwing in the towel because many goals have yet to be achieved.
"We have already delivered a great deal to Mayo and there is more to come. I was very encouraged by the reception Tanaiste Mary Coughlan received on her recent visit to south Mayo. She was warmly welcomed.
"People in general realise that an economic recovery can be achieved with the kind of approach Finance Minister Brian Lenihan is pursuing. There is great faith in him."
Senator Carty, who served in Dáil Éireann from 2002 to 2007, confirmed he will be seeking a candidacy to run in the next general election.
The chairman of the Fianna Fáil party on Mayo County Council, Councillor Al McDonnell, said it was unfounded and inaccurate to suggest that a mood of resignation existed within the ranks of the organisation in the county.
He said: "If you cast you mind back to the third year of the last term of the Oireachtas (2002 to 2007), nobody gave Fianna Fáil a chance of being re-elected to office for another term.
"But the mood changed on the lead-up to the 2007 general election and it swung in Fianna Fáil's favour.
"There is a sense of conviction the Government is doing its best in a very difficult world. I am not sure the same degree of faith rests in the Opposition parties who cannot seem to agree. It's wrong to start writing off Fianna Fáil."
Meanwhile, the Green Party has called for a date for a general election to be set in the second half of January.
Deputy Gormley said he had informed the Taoiseach of the decision to pull out of Government yesterday (Monday) morning and it was up to Mr Cowen to set the date for the poll.
He criticised Fianna Fáil over the bailout plans, accusing ministers of 'miscommunication' over the bailout issue.
Deputy Gormley defended his party's decision to stay in Government with Fianna Fáil until after the Budget on December 7, insisting it was in the national interest to ensure it was passed.
"We have always said that our involvement in government would only continue as long as it was for the benefit of the Irish people. Leaving the country without a government while these matters are unresolved would be very damaging and would breach our duty of care," he said, adding that the Irish people need political stability over the coming months.