BREAKING NEWS: Powell Resigns

[sturm und drang]

For what it's worth, I've always respected Powell and the job he did... I think we all saw this coming, but so abruptly?

WASHINGTON (CNN) -- U.S. Secretary of State Colin Powell has submitted his resignation to President Bush, a senior administration official told CNN.

Powell told his senior staff that he planned to stay on until a replacement was confirmed, State Department officials said.

State Department officials told CNN that Bush and Powell decided mutually that it was time for him to go.

Rumors have swirled about Powell's role in a second Bush administration, but neither the president nor the secretary had spoken publicly about his future.

Last week, when asked if he wanted Powell to stay on to oversee the Mideast peace process Bush told reporters: "I'm proud of my secretary of state. He's done a heck of a good job."

Powell told reporters that he had had several conversations with the president, but would not comment on what they said.