Bachmann Drops Out of Tea Party Convention

The National Tea Party Convention has lost two of its major speakers.

Minnesota Republican Rep. Michele Bachmann says she won't attend the event, scheduled for early February in Nashville, Tenn. Tennessee Rep. Marsha Blackburn has announced she's dropping out as well.

Both lawmakers are prominent backers of the tea party movement. However, their offices released statements Tuesday citing concerns about how funds raised by the convention might be used.

Watch CBS "Evening News" Anchor Katie Couric interview Tea Party leaders in her online program @katiecouric

Tea Party Patriots
Tea Party on Health Reform
Tea Party on Social Issues

Many tea party activists across the country are boycotting the convention over its $550-per person ticket price and the $100,000 speaking fee being paid to Sarah Palin, the former Republican vice presidential nominee.

The convention is being run by a Tennessee lawyer, Judson Phillips, who has said he hopes to turn a profit on the convention.