Eric Cantor announced Wednesday that he will step down as House Majority Leader. Following his primary loss on Tuesday to Tea Party candidate Dave Brat, Cantor said he will serve out the remainder of his term but quit as the No. 2 Republican in the House on July 31. In a press conference, Cantor stressed the importance of Republicans and conservatives remaining unified. "While I will not be on the ballot in November, I will be a champion for conservatives. What divides Republicans pales in comparison to what divides us from the left and their Democratic party," he said. He added that he thought Rep. Kevin McCarthy "would be an outstanding Majority Leader." As House Majority Leader, Cantor helped scuttle a “grand bargain” between House Speaker John Boehner and President Obama in 2011. In 2009, Cantor engineered unanimous House GOP opposition to Obama’s stimulus plan.