BREAKING: Gov. Sanford Admits Affair (UPDATED)

South Carolina Governor Mark Sanford (R) admitted just now during a press conference that he recently traveled to Argentina and engaged in an extramarital affair.

Gov. Sanford will resign as Chairman of the Republican Governors Association, elevating current Vice Chairman Haley Barbour (MS) to the Chairmanship.

Sanford is currently serving his second term as Governor; he will leave office due to term limits in early 2011. Widely-rumored to be a potential 2012 Presidential candidate, today’s news will likely end Mark Sanford’s political career.

UPDATE: Remember, Gov. Sanford’s announcement comes just 8 days after Sen. John Ensign–another formerly-rumored 2012 Presidential candidate–admitted to having an extramarital affair with a campaign staffer.

At this rate, are there going to be any Republicans left to run for President in 2012?