UPDATE: As expected, Charlie Rangel announced that he will temporarily step aside from his post as chairman of the Committee for Ways and Means. In a press conference, Rangel discussed that he had sent a letter to House Speaker Nancy Pelosi requesting a leave of absence from his post while the Ethics Committee continues its investigation and announces its full findings.

It seems that everyone on Capitol Hill agrees that New York Congressman Charlie Rangel, a founding member of the Congressional Black Caucus, must relinquish his chairmanship of the powerful Ways and Means Committee. Everyone, except perhaps, Charles Rangel.

Ways and Means Chairman Charlie Rangel is still clinging to his gavel, but it is no longer a question of if – but when, how and to whom – he will give it up, according to Democratic insiders.

With his ethics problems becoming an albatross around the necks of his party's most politically vulnerable members, the venerable New York Democrat was pushed deep in to a corner Tuesday night – meeting with House Speaker Nancy Pelosi and a covey of aides in her ceremonial office in the southeast corner of the Capitol.
He insisted that he is still chairman of the powerful tax-writing committee but couldn't guarantee that would still be the case by the end of today.

"I can't make all those promises at my age," he said as he left the meeting with Pelosi late Tuesday. Source: Charles Rangel on the brink of losing Ways and Means chairmanship, Politico

Chairman Rangel is wise not to make that promise because a decisive number of Democrats have signaled that they will join Republicans in demanding Rangel's ouster if it comes down to a vote.

As many as 30 House Democrats could join 178 House Republicans in voting to oust Mr. Rangel as head of the Ways and Means Committee, the aides said, a substantially higher number than in previous votes on his removal.

Mr. Rangel has been battling a series of ethics charges in recent months. Last week, the House ethics committee found he broke congressional rules by not properly disclosing trips to the Caribbean that were paid for by companies. Source: Rangel Loses Support In House, As many as 30 Democrats Appear Ready to Call for His Ouster From Ways and Means Chairmanship, Wall Street Journal

At 9 a.m. this morning, Rangel will hold a press conference and is expected to announce that he is taking a "leave of absence" from his position as Chairman of the House Ways and Means Committee. It's a sign that Rangel's position is deteriorating quickly. Just last week, Rangel bluntly criticized the ethics panel and unequivocally denied that he had done anything wrong:

Rangel said last week that the report by the ethics panel "exonerate[d]" him because it cites no evidence that he knew the trips were sponsored by corporations.

In a written statement, the congressman responded to the ethics panel, calling its decision "ill-considered, unprecedented, unfair ... and wrong on the facts and the law." Source: Rep. Rangel steps down from tax committee Embattled Democrat takes 'leave of absence' amid ongoing probe, MSNBC.com

The House ethics panel continues to investigate Rangel, including looking in to whether or not Rangel filed inaccurate forms with Congress disclosing his personal assets. Last summer, Rangel revised his financial disclosure forms filed in the past few years. Those revisions revealed more than $500,000 in assets Rangel had not previously disclosed.

And possibly even more embarrassing, House investigators are looking in to whether Rangel "improperly used House stationery to solicit corporate donations to an educational institution that bears his name."

If any of these other allegations are found to be true, Rangel will almost certainly lose his chairmanship permanently.