One of the most powerful Republican politicians in history has been forced to step down as House Majority Leader after a Texas grand jury indicted him on a charge of conspiring to violate election laws. Tom DeLay, who is known as “The Hammer,” is accused of conspiring with two previously indicted aides to violate a ban on the use of corporate money by state political candidates, by funneling thousands of dollars in corporate contributions through the Republican National Committee. Analysts say Wednesday’s indictment is just the tip of an iceberg of corruption allegations against DeLay. House Republicans gathered within hours of the indictment’s becoming public, and chose Representative Roy Blunt of Missouri to replace DeLay, who was forced to step down because of House rules. As Washington buzzed with talk of the end of DeLay’s career, the hammer hit back, holding a news conference proclaiming his innocence. DeLay described the veteran Democratic prosecutor who brought the indictment–Ronnie Earle- as a “partisan fanatic” leading a “coordinated, premeditated campaign of political retribution.”

Delay said: “It’s a charge that cannot hold up even under the most glancing scrutiny. This act is the product of a coordinated, pre-meditated campaign of political retribution–the all too predictable result of a vengeful investigation led by a partisan fanatic.”

As the Republican congressional leadership rallied around DeLay, so too did the White House. Here is spokesperson Scott McClellan.

“Yes, Congressman Delay is a good ally, a leader who we have worked closely with to get things done for the American people.”

We will have much more on this story in just a moment.