NEW YORK ( TheStreet) -- "Tea parties" have played a role in knocking out some incumbents in primary elections around the country and if the current trend continues, they'll have an impact on policy in November. Investors should start to think of how this might affect their portfolio, especially with markets currently offering discounts on shares.Drill, Baby, Drill. The popularized slogan came about in the 2008 election and the BP ( BP) disaster has not deterred supporters of greater oil exploration production and drilling in the United States. Supporters aren't just looking to drill for energy though, they'll also be happy to go nuclear. Investors should anticipate a kitchen sink approach to energy that'll be good news for natural gas, nuclear and oil. Alternative energy won't suffer, but it's unlikely that spending on subsidies would increase. Coal already has done well politically and while it's unlikely to be punished, it's also unlikely to see much upside generated from DC. The plays here would be iShares Dow Jones U.S. Oil Equipment ( IEZ), First Trust ISE Revere Natural Gas ( FCG) and Market Vectors Nuclear ( NLR). Shrinking deficits. Spending is under assault from both parties and that is good news for bond prices. You don't have to wait until November to see the results from the shift in public opinion, 30-year Treasuries are yielding less than 4%. There are plenty of reasons not to love U.S. Treasuries, but there's one good reason to like them: they're going up in value. Lower deficit spending should lead to slower economic growth at first, but the cuts could make investors believe that the U.S. government isn't going to spend itself into bankruptcy. Slow economic growth and financial prudence can result in low yields far longer than people expect. The most volatile play is a long-term Treasury ETF such as iShares Barclays 20+ Year Treasury ( TLT), with volatility decreasing along with maturity. No bailouts. Bailouts are unpopular and there won't be another one unless the economy turns very sour. That's bad news for the housing industry, which benefited from the home buyer tax credits. Fannie Mae and Freddie Mac are also likely to see their operations more tightly regulated, which could lead to higher mortgage rates.