Sen. Trent Lott (R-Miss.) plans to resign his seat by year's end, a senior Republican official told Politico.
The announcement took Capitol Hill by surprise because Lott, the former majority leader, seemed to be relishing his job as minority whip, the second-ranking GOP leadership job. He had regained a post in leadership after he resigned following racially insensitive remarks at a birthday party for the late Sen. Strom Thurmond (R-S.C.).
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Read more about Trent Lott's resignation .
GOP Senator Arlen Specter said that financial problems hastened Lott's retirement. By retiring before the end of this year, Lott will only have to wait one year before being eligible to lobby.
Read more about Specter's comments here.
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