A shock primary election defeat for Eric Cantor, the No. 2 Republican in the U.S. House of Representatives, left his political party in chaos on Wednesday as financial markets worried the shake-up might renew budget fights that in the past have caused government shutdowns and near credit defaults.
Cantor, who has served as House Majority Leader since 2011, unexpectedly lost in Tuesday's vote to college economics professor David Brat, an activist in the tea party movement, which wants to reduce federal government spending and taxes and advocates for a smaller government.
The defeat put an end to Cantor's quest for an eighth term, but he will serve out his current term through this year. It also brought an abrupt halt to Cantor's career as a rising star who had his eye on the top job of speaker.