Republican Rep. Michael Grimm of New York has pleaded guilty to tax fraud –- but says he will not resign. On Tuesday, Grimm entered a guilty plea on a single charge of aiding in the preparation of a false tax return at his New York City fast-food health restaurant, Healthalicious. As part of a plea deal, Grimm admitted to hiding over $900,000 in revenue and lying during a deposition. Outside the courtroom, Grimm told reporters he will keep his House seat after taking responsibility for his wrongdoing.

Rep. Michael Grimm: “If you do something wrong, you can never fully get passed it until you accept responsibility for it. And that’s what I’m doing, taking full responsibility so that I can close this chapter in my life. I under-reported the gross sales receipts of the restaurant to pay business expenses, including payroll for employees that were off the books. It’s wrong. I should not have done it and I am truly sorry for it.”