CNN has a breaking news bar up that reads: "House Majority Leader Tom DeLay indicted on one count of criminal conspiracy by Texas grand jury, according to Travis County clerk's office." We eagerly await details.
Update: The AP is reporting it too:
A Texas grand jury on Wednesday charged Rep. Tom DeLay and two political associates with conspiracy in a campaign finance scheme, an indictment that could force him to step down as House majority leader.
House GOP rules require any member of the elected leadership to step down temporarily if indicted, and it would be up to the rank and file to select an interim replacement. Speaker Dennis Hastert, R-Ill., could make a recommendation, whether choosing to elevate another member of the leadership or tapping an alternative to reduce the possibility of a struggle if DeLay were cleared and then sought to reclaim his post.
Lawyers with knowledge of the case said the DeLay defense team was concerned that the Travis County grand jury might consider counts of conspiracy to violate the state election code.
Update: I misread two associates as two indictments in the AP story. That has been corrected.