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Congressman Michael Grimm to resign after guilty plea

Washington (CNN) - Rep. Michael Grimm announced late Monday night plans to resign from Congress, after pleading guilty to a felony tax evasion charge last week.

The announcement came just hours after a source familiar with Grimm's thinking told CNN he would resign "sooner rather than later," after the New York Daily News broke the news of Grimm's plans to step down.

"After much thought and prayer, I have made the very difficult decision to step down from Congress effective January 5th, 2015. This decision is made with a heavy heart, as I have enjoyed a very special relationship and closeness with my constituents, whom I care about deeply," Grimm said in a statement issued shortly before midnight by his office.