There has been a lot of speculation from Tea Party members and from commentators that a third political party will come out of the movement. Locally organized Tea Party groups have already started advertising candidates as Tea Party candidates. This is part of the Tea Party statement I received in an email:

There is much talk of the formation of a third political party based on the tea party movement.   Additionally, in several states, including Michigan, unscrupulous individuals have formed third parties utilizing the tea party name in an attempt to play dirty politics and trick unsuspecting voters into voting for candidates who are being put on the ballot simply to split the vote.
Tea Party Patriots is issuing this statement in order to make it clear that we are not associated with any attempts to form a third party.  Additionally, we believe that such efforts, even those that might be well intentioned, are unproductive and unwise at this time.  The history of third party movements in this country is one of division and defeat.  We believe that it is instead time for all Americans to rise up and demand appropriate reform within their own existing parties.  The mechanisms exist for citizens to participate in their parties, and to drive their parties in the right direction.

I understand the people are fed up with the political system and that some see a need for a third party, but that’s not what the Tea Party movement is about. The Tea Party movement is about giving concerned American citizens a platform, not politicians. The Tea Party rallies are a place for those to go who are fed up with big government and out of control spending. It’s a place for them to express their views as part of a larger group and connect with other like minded people. In order to make those changes that they want to see those people also have to get involved by supporting the candidates that stand for the right thing and getting out to vote. Empowering citizens to be more involved to make those changes is what the Tea Party is about. That platform belongs to American citizens, not the politicians. The Tea Party is a movement that is strong and is not going away, but it is not and should not be its own political party. The Tea Party made the right call.