B R E A K I N G . N E W S - 12:47 PM ET: HOUSE MAJORITY LEADER TOM DELAY HAS BEEN INDICTED IN A CAMPAIGN FINANCE PROBE

DeLay and two political associates have been indicted in Austin, Texas with conspiracy in a campaign finance scheme. The indictment could force the Texas Republican to step aside as Senate majority leader per House GOP rules.

Also indicted on one count of criminal conspiracy were John Colyandro, formerly executive director of DeLay's Texans for a Republican Majority PAC, and Jim Ellis, executive director of his national PAC.

The grand jury in Austin charged the trio with using corporate donations to the Texans for a Republican Majority PAC for supporting state candidates...a big no-no in Texas law.

U P D A T E 1:30 PM ET: DeLay has notified Speaker of the House Dennis Hastart (R - IL) that he would temporairly step aside as Senate Majority Leader per GOP House rules.