This post was updated at 4:50 p.m. ET
House Majority Leader Eric Cantor, fresh from a stunning primary upset at the hands of a Tea Party rival, said today that he would vacate his leadership post by the end of July to make room for a successor.
"Effective July 31, I will be stepping down as majority leader," Cantor told reporters at a news conference. "It is with great humility that I do so."