Billionaire George Soros, a longtime backer of progressive causes, suggested that members of the Tea Party movement are being "used and deceived" during an appearance on CNN's "Fareed Zakaria GPS" over the weekend.

Asked to share his take on the coalition of conservative activists, Soros signaled his belief that "people in the Tea Party are very decent people, hard-working." He added, however, that supporters of the movement "have been hit by a force" from a place which "they can't fully understand." Here's what Soros went on to say:

And -- and they are being misled. And they are misled by people who are using it for their selfish purposes, namely to remove a -- regulations and -- and -- and reduce taxation. So reduce taxation and regulation. And they are being used and deceived.

During the appearance, Soros also weighed in on the job performance of President Barack Obama, particularly as it relates to his administration's handling of the economy.

"President Obama has lost control of the agenda," he said. "The agenda is now in the hands of the Republican Party."

Soros predicted that Republicans will "pursue a very strong effort to cut services by refusing to have any tax increases." He suggested, however, that the spending slashing mission would be executed in a way "more directed at cutting services and achieving the ideological purposes" of the GOP than actually giving the economy a boost. Soros said, "I think this will have a negative effect on the economy."

(Click here to read what Soros had to say during the segment about repeated attacks he's faced from Fox News host Glenn Beck.)

Here's a clip of what Soros had to say on CNN: