This one could sting........

Ankle Biting Pundits

doesn't really paint a pretty picture of the Tom Delay indictment.........would have to agree:

Look folks, there's not good way to try an spin this. Tom DeLay, as expected, has been indicted for campaign finance violations. There's an old saying that "a ham sandwich can be indicted", and by no means is it evidence of guilt. However, in politics, perception is reality, and even if DeLay is cleared eventually the media and the Democrats are going to have a field day. Of course, if DeLay did break the law he should pay the price. And let's not forget the DA who indicted him is a political hack who pulled a similar stunt on Kay Bailey Hutchinson, which was exposed as a partisan witch hunt.
But politically, this is trouble for the GOP...
...Plus, like it or not any GOP candidate who received money from his PAC (and there are many) is going to painted as a crook.
Buckle up people, it's going to be a rough ride for a while, and there's going to be more valleys than peaks in the short term. What this will mean long term is unclear pending the outcome of DeLay's case.

DeLay has issued the following statement:

These charges have no basis in the facts or the law. This is just another example of Ronnie Earle misusing his office for partisan vendettas. Despite the clearly political agenda of this prosecutor, Congressman DeLay has cooperated with officials throughout the entire process. Even in the last two weeks, Ronnie Earle himself had acknowledged publicly that Mr. DeLay was not a target of his investigation. However, as with many of Ronnie Earle's previous partisan investigations, Ronnie Earle refused to let the facts or the law get in the way of his partisan desire to indict a political foe.
This purely political investigation has been marked by illegal grand jury leaks, a fundraising speech by Ronnie Earle for Texas Democrats that inappropriately focused on the investigation, misuse of his office for partisan purposes, and extortion of money for Earle's pet projects from corporations in exchange for dismissing indictments he brought against them. Ronnie Earle's previous misuse of his office has resulted in failed prosecutions and we trust his partisan grandstanding will strike out again, as it should.
Ronnie Earle's 1994 indictment against Senator Kay Bailey Hutchison was quickly dismissed and his charges in the 1980s against former Attorney General Jim Mattox-another political foe of Earle-fell apart at trial.
We regret the people of Texas will once again have their taxpayer dollars wasted on Ronnie Earle's pursuit of headlines and political paybacks. Ronnie Earle began this investigation in 2002, after the Democrat Party lost the Texas state legislature to Republicans. For three years and through numerous grand juries, Ronnie Earle has tried to manufacture charges against Republicans involved in winning those elections using arcane statutes never before utilized in a case in the state. This indictment is nothing more than prosecutorial retribution by a partisan Democrat.

Well put. DeLay has also announced that he will temporarily step aside as Majority Leader, pursuant to the House Republican rules.