That may be a factor, but he knows he's fcked. The truth will out and he knows it is going to get real ugly if he sticks around. By cutting and running he can hope to avoid at least some of the comeuppance he is so rightly due.
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Quote from Pabst:
I doubt DeLay's announcement has anything directly to do with his legal quagmire. More likely he has no desire to continue serving in a non-leadership role. The same way that many established Democrats the past several years left Congress rather than being relegated to minority status.