Big-spending Republicans should be afraid following the upset victories by Tea Party favorite Ted Cruz in Texas on Tuesday, over the establishment candidate David Dewhurst, and Richard Mourdock, over six-term incumbent Richard Lugar, in Indiana on May 9. On Thursday, Washington Post editorial board member, Jonathan Capeheartsaid: “Folks might not like the Tea Party much. But that’s not stopping this loosely affiliated band of people fed up with government spending and deficits from sending like-minded souls to Congress.”
Bloomberg Newssaid of the Cruz victory: “The Tea Party has no leader, no hierarchy and no national fundraising network, yet the insurgent political movement born of frustration at government spending has bolstered its clout—and its potential for aggravation—in the Republican Party with the nomination of U.S. Senate candidate and political newcomer Ted Cruz in Texas.”
The common thread in these quotes: “people fed up with government spending” and “born of frustration at government spending,” highlights the heart of the Tea Party movement—even though, is it just a “loosely affiliated band of people” with “no leader, no hierarchy and no national funding network.” The recent upsets reflect the grassroots’ growing dissatisfaction with the Republican Party’s failure to control spending.
Other than the August 14 senate race in Wisconsin where Mark Neumann and Eric Hovde are battling each other for the tea party backingin the race with establishment candidate, former governor Tommy Thompson, the extension of the Production Tax Credit (PTC) for wind energy may be the next line of battle between the Tea Party Republicans and establishment Republicans hesitant to curb their big-spending ways.
Get the Market Movements in Advance: William's Edge Webinar for Wednesday, March 12th, 2014 | John Ransom