Party leader Balbir Punj also demanded that a special session of Parliament should be summoned and Prime Minister Minister Manmohan Singh should resign immediately.
"UPA 2 has lost the confidence of 'aam admi', the man on the street because of its corrupt and anti-people policies. It does not have virtually any dialogue with the opposition parties. It's isolation is complete because its own allies cannot live up with its arrogance and anti-people policies," he said.
Punj said that he was "not at all surprised" that TMC chief Mamata Banerjee has "decided to withdraw the support". "This was predictable and under the circumstances Manmohan Singh must resign immediately and a special session of Parliament should be summoned," he said.
Banerjee, who had set a 72-hour deadline on Friday for the government to rollback its decision on diesel price hike and cutting supply of subsidised LPG cylinders, and FDI in multi-brand retail, is set to consult party leaders and MPs on Tuesday on the next course of action.
TMC insiders said one serious option that could be considered is withdrawing its Cabinet Minister for Railways and six other Ministers of State at the Centre unless the government rolls back some of its decisions at least partially.