The fallout from Eric Cantor's stunning election upset. The house majority leader announcing he will step down from that role. Shaking up the republican leadership. And ABC's Jon Karl has the latest... See More
The fallout from Eric Cantor's stunning election upset. The house majority leader announcing he will step down from that role. Shaking up the republican leadership. And ABC's Jon Karl has the latest for us. Reporter: After an emotional closed door meeting with house republicans Wednesday, Eric Ka Cantor made it official. Effective jewel 31st, I will be stepping down as leader. Eric Cantor, a good friend of mine. And been a very good leader for our party. Reporter: With Cantor on, republicans will elect a new leader today. Cantor, perhaps the most conservative republican leader. But he was defeated by a college professor and tea partier, Dave brat, who accused him of being too willing to compromise. On the conservative score card, he's doing everything wrong. He's pushing amnesty. Reporter: In his farewell speech, Cantor made a plea for unity. There is common ground if we allow ourselves to work together. Reporter: Brat spent barely $100,000 on his campaign. The Cantor campaign spent more than that at steakhouses. The reason we won this campaign, there's just one reason. And that's because dollars do not vote. You do. Reporter: Cantor's loss seemed to doom whatever slim chance the president had of getting immigration reform through congress. But the president telling supporters, quote, I fundamentally reject that. And I will tell the speaker of the house to reject that, too.
This transcript has been automatically generated and may not be 100% accurate.