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Embattled Councilman Dan Halloran says he will not seek reelection.

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The Queens Republican was indicted in a scheme to bribe GOP party heads as a means to secure a mayoral ballot line for Democratic State Sen. Malcolm Smith. Currently facing federal corruption charges, Halloran said that he would instead focus on clearing his name and restoring his reputation.

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"After much thought, I have concluded that it is impossible for me to properly do these things and take on the enormous demands of a political campaign," Halloran wrote in a statement.

Halloran thanked the community and his Council staff, adding that he would continue to "discharge my sworn duties as a member of the New York City Council."

In early April, City Council Speaker Christine Quinn said that Halloran was stripped of all committee assignments. Soon after, the Council's standards and ethics committee began a review of Halloran's role in the scandal.

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City Council Speaker Christine Quinn called Councilman Dan Halloran's press release celebrating his district's participatory budget "stupid" and "outrageous."

Quinn spoke about the embattled Republican councilman during a press conference in City Hall today, referencing one of Mayor Michael Bloomberg's oft-used turns of phrase.

"I don't usually quote Mike Bloomberg, but it's one of the stupidest things I have ever seen," Quinn said, adding that Halloran would have no say in how discretionary funds would be allocated for the projects his residents voted on last week.

"I don't care how many stupid press releases he issues," she said.

Halloran, who is accused in a bribery scheme to get Democratic Sen. Malcolm Smith on the Republican mayoral ballot line, sent out the press release yesterday in which he congratulated the winners.

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Assemblyman Eric Stevenson was arrested this morning on charges he drafted legislation in exchange for cash.

The arrest comes only 48 hours after Democratic Sen. Malcolm Smith was arrested and indicted in a scheme to use bribes to secure the Republican line for mayor. City Councilman Dan Halloran and Republican party officials were also arrested in the corruption case.

But it doesn't end there. Stevenson's arrest came about through a deal with a so-far unamed Bronx Assemblyman who faced felony charges and ratted out Stevenson in exchange for not being prosecuted. However, said Bronx Assemblyman will have to resign from office.

Expect plenty more news on this throughout the day.