Paul Ryan won’t seek re-election in 2018 midterms

House Speaker Paul Ryan has revealed to people close to him that he plans to announce his retirement from Congress, according to a report from Axios.

The Wisconsin congressman has reportedly told several confidants that he won’t run for re-election in November, when he likely would have faced a strong challenge from well-funded Democrat Randy Bryce.

Brendan Buck, Counselor to the Speaker, confirmed the reports, noting that Ryan will “serve out his full term, run through the tape, and then retire in January.”

Ryan achieved his major legislative goal, passing a major tax overhaul bill, and has reportedly indicated he was ready to leave his position, which has becoming more and more frustrating due to President Donald Trump.

“This is a Titanic, tectonic shift. … This is going to make every Republican donor believe the House can’t be held,” one Republican source told Axios. The same source indicated that Senate Majority Leader Mitch McConnell stands to benefit from the announcement, as the Senate now becomes “the last bastion” for the GOP.

Axios notes that the decision increases the already substantial risk that House Republicans could lose plenty of ground in the midterm elections and potentially cede the majority to the Democrats.

Ryan, 48, has served in Congress since 1999 and became the 54th Speaker of the House in 2015. He was the GOP vice presidential nominee in 2012, as part of Mitt Romney’s bid for the White House. Friends told Axios that Ryan might set his sights on a presidential bid in the future.