Conservatives are desperately grasping at a mountain of straws hoping to find one that can break Obama's back. So far they clearly have less traction than a Yugo in Crisco, but they keep trying anyways. They are not afraid to try to manufacture a controversy if it will bring them more air time, either.
However, I will point out something else they should be paying attention to at this stage. They want the POTUS out no matter the cost, but the clock is not in their favor. We are down to about 31 months to the 2016 election (where of course Obama cannot run, conspiracy theories be damned).
The last time a POTUS was forced out was of course Watergate
. If we look at the timeline on that, we see that the investigation on that started February 1973. Nixon resigned the following August; roughly 18 months later.
If the government of today is so bloated and overgrown (from the standard conservative mantra) then there is no reason to expect that an investigation could bring about a resignation in less time than it did in 1972-1973. If it even took twice as long, then the clock has already ran out for the conservative dream scenario of forcing Obama out.
Not that they would let reality get in the way, though. And obviously budgets are not important when there is a president waiting to get thrown out of the white house, right?