The Tea Party started with a group in Tennessee. TEA stands for "Taxed Enough Already", and the group was formed to lash back at everything going on in the White House. Fiscal irresponsibility, corruption, and more are the things that the movement seeks to end.
For the most part, the Tea Party aligns itself more with conservative Republicans rather than liberal Democrats. The movement wants to get America back how it was during its most glorious of times.
The Caucus includes 28 members, some of whom are controversial. The congressman who declared "You Lie!" to the President (Joe Wilson) is a member. So is Joe Barton, who was forced to give an apology to BP.
As Americans grow more and more frustrated with the government and politics as usual, this type of movement will become more and more influential. Whether or not we will see a true three party system has yet to be seen.
The creation of the caucus just indicates that things are starting to change. Hopefully, its for the better.
Reference: Huffington Post