Cantor Announces He’s Stepping Down, Backs McCarthy for Leader

House Majority Leader Eric Cantor, R-Va., announced Wednesday afternoon he will resign his leadership post and endorsed Kevin McCarthy of California to replace him.

"Effective July 31st, I will be stepping down as majority leader," Cantor told reporters after an emotional meeting of House Republicans in the Capitol. His defeat has already touched off a massive leadership scramble to replace him.

But Cantor said that he would back his fellow "Young Gun" McCarthy if he runs for leader with his "full support."