WASHINGTON House Speaker Paul Ryan (R-Wis.) told colleagues Wednesday morning that he will not seek re-election this year and will retire from the House in January, capping off months of rumors that he was mulling stepping down from his leadership post.

This year will be my last year as a member of the House, Ryan said during a news conference after meeting with House colleagues and staff. To be clear, I am not resigning.

Ryan cited his accomplishments, chiefly the recent GOP tax bill, and his desire to spend more time with his teenage children as his reasons for leaving, saying that time is fleeting.

I have given this job everything I had, and I have no regrets, he said.

After several news outlets reported the news early Wednesday morning, Brendan Buck, one of his top aides, confirmed Ryans announcement in a statement before the speakers news conference.

Republicans face an uphill battle in Novembers midterm elections, with dozens of competitive seats and a record number of resignations and retirements . Democrats are eager to make the election a referendum on both Ryan and President Donald Trump .

Ryan dismissed suggestions that his agenda would hinder GOP chances in the midterms.

Were going to have a great record to run on, Ryan told reporters Wednesday.