The President didn’t completely abandon the idea, he just filed the affidavit with the SEC saying they aren’t affiliated with the Patriot Party, and that he would work within the GOP to boot out the turncoats.

I think he’s biding his time since this whole shampeachment thing is still up in the air. The whole thing is toothless, because it’s not even remotely Constitutional, but the GOP could also make a massive spectacle out of it, in the spirit of “bipartisanship,” if he doesn’t let things calm down for a while.