INDIANAPOLIS (TheStreet) -- Sen. Evan Bayh (D., Ind.) announced Monday that he will not run for a third term in November.

The decision could mean the loss of Bayh's seat for the Democratic Party, which last month lost its filibuster-proof majority in the Senate when Republican Scott Brown won a special election for the seat formerly held by the late Ted Kennedy.

Bayh, 54, who had already raised almost $13 million for his campaign, said he believed he would have been re-elected in November, according to the

Associated Press

.

He appeared to blame the atmosphere in Congress for his decision.

"To put it in the words I think most people can understand: I love working for the people of Indiana, I love helping our citizens make the most of their lives, but I do not love Congress," Bayh said at a news conference in Indianapolis, the

AP

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reported.

He said, however, that his fellow members of Congress worked hard and were committed to public service, according to the

AP

.

"My decision should not be interpreted for more than it is, a very difficult, deeply personal one," he was reported saying by the

AP

. "I am an executive at heart. I value my independence. I am not motivated by strident partisanship or ideology."

Bayh joins a growing list of Democratic incumbents who are voluntarily leaving Congress when their current terms expire. Earlier this year, Sen. Christopher Dodd (D., Conn.) and Rep. Patrick Kennedy (D., R.I.) separately announced they would not run in the midterm elections in November.

This article was written by a staff member of TheStreet.com.