In a letter to colleagues on Wednesday, Speaker Mike Johnson explained his decision to step aside from leading the House GOP conference and to not run for minority leader, pointing to the toll the job has taken on his family.

“After much prayer and thoughtful consideration, I have decided that I will not be a candidate for a leadership position in the 120th Congress,” Johnson wrote in the letter, obtained by ABC News.

The letter comes just hours after House Republicans suffered deep losses Tuesday night.

“This was not an easy decision," Johnson said.

He went on to say that "the demands of serving in leadership are immense, and they require sacrifices not only from those entrusted with the responsibility, but also from the families who support them."

"My wife Kelly and our four children have made those sacrifices with extraordinary patience, grace, and love. After three years in this role, I believe the time has come for me to give them more of the attention and presence they so richly deserve,” Johnson wrote.

-ABC News' Lauren Peller

While Vice President JD Vance contends the war with Iran was the crucial factor in the Republican losses, voters were more focused on cost of living than the war in Iran, even if that war is partially to blame for rising costs, according to preliminary data from the ABC News Voter Poll.

Nationally, 34% of U.S. House voters said that the war in Iran was "crucial" to their vote -- 49% said the same about the cost of living -- and 55% said government corruption was crucial to their vote.

-ABC News' Emily Guskin

Vice President JD Vance posted a lengthy social media post examining why Republicans lost on Election Day and said it was "obvious" that it was because of the Iran war.

"The reason we lost is the war. The president himself said so last night,” Vance said.

“If you'd like to argue it was worth it, that losing the Senate for the next 6 years was worth it, then do so. Argue it was a worthwhile cost to pay. Agree or disagree, that's at least honest,” he added. “But everyone knows why we lost. And any honest conversation about where we go from here must start there.”

Trump often suggested on the campaign trail that the war, and inflated gas prices, were “a small price to pay” to prevent Iran from having a nuclear weapon. Vance in the past has been supportive of the war.

Vance argued that Republicans were not failed by turnout among Trump 2024 voters, saying they “showed up,” but that those Americans, according to “the smartest data guy” he knows, were “planning to vote for the other guys.”

“The main problem is that many people who voted for Trump/Vance in 2024 voted for Democrats in 2026,” the vice president said.

-ABC News' Fritz Farrow

Rep. Jim Jordan officially launched his bid to be the next minority leader, according to a letter he sent to his colleagues on Wednesday, which ABC News obtained.

"This is a staggering day for our Conference,” Jordan wrote. “As we look to the future, we must learn from these results.”

Jordan said he is “battle-tested on oversight” and Republicans must tout their policies.

-ABC News' Lauren Peller