Eric Cantor is scheduled to appear at a 4:30 PM ET press conference, though I wouldn't necessarily guarantee that it will start on time given that the full GOP conference started meeting at 4 PM ET to discus how to proceed now that Cantor has decided to resign.
Whether or not a half-hour is enough time to get that meeting over with and for Cantor to start his press conference, we'll be providing live updates throughout, so stay tuned—and join the conversation in the comments. You can watch it live with the feed at the top of this post, and don't forget your popcorn!
1:27 PM PT: Cantor has apparently now informed his colleagues of his plans to resign as majority leader, speaking before the GOP conference which gave him a heroes welcome:
1:28 PM PT: They do not want this to be a lingering story:
1:36 PM PT: As expected things appear to be a little late getting underway, but the room is packed with reporters.
1:43 PM PT: Cantor takes the podium: "While I may have suffered a personal setback last night, I couldn't be more optimistic about the future for this country." Thanks his colleagues and his staff. "These staffers are the backbone of this institution."
1:44 PM PT: Now he's talking about how great Richmond, Virginia is, on how great House Republicans are. But has yet to directly address his fate as majority leader, though the writing is on the wall. He's just working his way up to it.
1:47 PM PT: Vows to be a "champion" for conservatives across the country. But acknowledges he won't be on the ballot. Says he wants a Republican House and Senate. Now he gets to it: "I intend to serve out my term" as a congressman, but "as of July 31 I will step down as majority leader."
1:47 PM PT: Cantor declines to engage in "political speculation" about why he lost. Kind of amusing: Why hold the press conference if he doesn't want to show he understands why he lost?
1:49 PM PT: Declines to answer a question about what the primary means for immigration reform, but says his position has never changed, which he says is that he favors "step by step" reform but not Obama's "my way or the highway" approach.
1:49 PM PT: Gives kiss of death to Kevin McCarthy who he says he would back as Majority Leader with his full support.
1:54 PM PT: Says the differences Republicans have with other are small in comparison with to differences with Democrats, right after talking about how how he thinks finding common ground is very important. Hmmm.
1:55 PM PT: Says he "did everything we could" to win, but "came up short." And with that, his press conference is over. Worth noting: He did not confirm the timing of leadership elections, which Politico's Jake Sherman said above would be on June 19th.