Terrible joke I admit but I hate that pejorative being used.
A few months ago, I tried to argue that some intentionally conflated the terms "teabagger" and "tea party people" or "tea party members," but the poster to whom I directed my diatribe played stupid. Acted like he didn't know what I was talking about. I'm absolutely convinced the media types do this intentionally. Olberman and such. They get a sly grin when they use the term teabagger to describe tea party supporters, knowing full well that teabagging is a consensual sexual act between two people, one of whom has to be a man, and it has nothing to do with the tea party.
That said, teabagging does not equal gay. Many straights enjoy teabagging. So it was a terrible joke, but it was a valid point.
Note that memphis used "tea partiers" in the thread title, to his credit.