Since the federal government's going to default on its debt this year, we'll all need some cheap, entertaining distractions. How about, say, a presidential race with delightful right-wing baby-farming dingbat Rep. Michele Bachmann? It could happen!

Here's the exciting (and almost certainly overhyped) news about Bachmann, founder of the House Tea Party Caucus and opponent of sanity:

ABC News has learned that Bachmann, R-Minn., also is seriously weighing whether to seek the Republican nomination for president in 2012.

A source close to the three-term congresswoman said Bachmann will travel to Iowa this month for multiple meetings to seek advice from political forces there and party elders close to the caucus process before coming to a final decision regarding a potential presidential run. Bachmann, a native of Waterloo, Iowa, also is set to deliver a keynote speech at an Iowans for Tax Relief PAC fundraiser Jan. 21 in Des Moines, Iowa.

Wouldn't you love to see a slew of debates, devoid of any real meaning, between her and Sarah Palin over before they kill each other off in the Iowa primary? And then we'll just go back to making fun of Mitt Romney.

I'll donate $5.

[Image via AP]