Yup. (Seems to be quite a common term in the US political blogiverse.)

"Teabaggers" are the conservative anti-tax (at the fringe: most are anti-tax-hike) activists who want to re-enact the "Boston Tea Party" by sending teabags to their elected representatives. They're tagging along with the "deathers" (those convinced that Obama's healthcare proposal will lead to "healthcare rationing" and "death panels") because they see the public option as another excuse for the administration to take away more of their hard-earned money and use it for the benefit of society's "trash" (poor white, black, immigrant).