Nancy Pelosi stepping down as Democratic leader in the House of Representatives

Pelosi has led House Democrats since 2003, including two four-year terms as Speaker.

Nancy Pelosi announced Thursday that she will not run for re-election to lead the Democratic Party in the House of Representatives. A day after the Republican Party won a majority in the House for the next term, the Democratic congresswoman from California said the time has come for a "new generation" to lead the Democratic caucus.

Pelosi, 82, has led House Democrats since 2003, including two four-year terms as speaker. She became the first female speaker of the House of Representatives in 2007 after the Democrats won the majority in the 2006 midterm elections during the presidency of George W. Bush.

She will now have to hand over the gavel of control to House GOP leader Kevin McCarthy if he receives the 218 votes needed to become Speaker of the House when the new Congress begins on January 2023.

As for the future leadership of the Democratic caucus, Pelosi's possible successors include New York Rep. Hakeem Jeffries and California Rep. Adam Schiff.