DeLay indicted, steps down as majority leader

The grand jury in Texas has wrapped up its investigation. Result? House Majority Leader Tom DeLay has been indicted.

From the AP:

A Texas grand jury on Wednesday charged Rep. Tom DeLay and two political associates with conspiracy in a campaign finance scheme, an indictment that could force him to step down as House majority leader.

DeLay's attorney Steve Brittain said DeLay was accused of a criminal conspiracy along with two associates, John Colyandro, former executive director of a Texas political action committee formed by DeLay, and Jim Ellis, who heads DeLay's national political committee.

DeLay has stepped down as majority leader. House Speaker Dennis Hastert has reportedly tapped Rep. David Dreier (R-CA) to take his place. This is why the House ethics rules change, AKA the "DeLay rule," was such an important issue last year.