Spitzer takes a bow

The inevitable happened.

NEW YORK (CNN) -- Gov. Eliot Spitzer said Wednesday that he will step down from the state's top office, saying he cannot allow his "private failings to disrupt the public's work."

"I am deeply sorry that I did not live up to what was expected of me," he said in a brief news conference announcing his intention to resign, effective Monday. "I will try once again outside of politics to serve the common good."

He added, "Our greatest glory consists not in never falling but in rising every time we fall."

The announcement came as the New York governor faces allegations -- but no charges -- that he is tied to an international prostitution ring ensnared in a federal probe.