Eric Cantor, R-Va., announced he will step down as House Majority Leader on July 31, but serve out the remainder of his term in Congress. Sources say GOP leadership elections are set for June 19. Cantor lost to Dave Brat in last night's Virginia GOP primary race. 

Hear from Cantor in his press conference above, and read more from FoxNews.com:

Fox News is told a new leadership election will be held June 19, a little more than a week from now. Cantor, who said he will serve out the remainder of his seventh term as a Virginia congressman, told reporters he made the decision to give up his majority leader post with "great humility." 

While he won't be on the ballot in November, he said, "I will be a champion for conservatives across the nation." 

Cantor threw his support behind House GOP Whip Kevin McCarthy for the post, offering his "full support" and saying "he'd make an outstanding majority leader." 

He stressed that he's not sure whether McCarthy is running, though he is widely expected to enter the competition.


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