Gary Cameron / Reuters

Former Chicago congressman Jesse Jackson Jr. enters the U.S. District Federal Courthouse in Washington on Wednesday.

Former Illinois Congressman Jesse Jackson Jr. pleaded guilty in federal court Wednesday morning to misusing more than $750,000 in campaign cash on private expenses -- including a $43,000 Rolex, Blu-ray players, health clubs, lavish vacations, furs, and a slew of luxury goods.

Jackson, who resigned three months ago to reportedly get treatment for bipolar disorder and clinical depression, will face time behind bars when he is sentenced this summer.

"For years I lived off my campaign," Jackson said in court as he fought back tears. "I used money that should have been for campaign purposes for personal purposes."

Jackson accepted charges of conspiracy to commit wire fraud, mail fraud and false statements. The embattled Democratic lawmaker reportedly agreed to a negotiated plea recommending a sentence of between 46 and 57 months and a fine in the $10,000 to $100,000 range. But prosecutors reserve the right to argue for a harsher punishment, including the maximum sentence of five years in prison.

All parties agree that Jackson would not be eligible for probation when he is sentenced June 28.

"I'm not bound by the sentencing guidelines," Judge Robert Wilkins said. "The sentencing guidelines are advisory and they are something I am bound to consider."

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By way of explaining his decision to plead guilty, Jackson said, "I have no interest in wasting the taxpayers' time or their money."

"I'm guilty, your honor," a visibly emotional Jackson said.

Jackson and his wife siphoned off $580,000 from the campaign war chest for a wide range of credit card transactions, including $60,857.04 at restaurants and lounges and $31,700.79 for airfare.

The bevvy of pricey goods Jackson allegedly bought with campaign funds also include a $4,600 fedora from Michael Jackson's collection, a $1,500 cashmere cape, and a pair of mounted elk heads from a Montana taxidermist priced at $8,000.

According to the court filing, other purchases included "high-end electronic items, collector's items, clothing, food and supplies for daily consumption, movie tickets, health club dues, personal travel and personal dining expenses."

As he exited the courtroom, Jackson, who left office last November after 17 years in his post, opened up to a reporter.

"Tell everybody back home I'm sorry I let 'em down, OK?" he reportedly said.

Jackson's attorney, Reid Weingarten, told the judge that he plans to make the case at this summer's sentencing hearing that his client's mental health conditions might be mitigating factors.

"That's not an excuse. That's just a fact," Weingarten said outside the Washington, D.C., courtroom, adding that he anticipates Jackson will rebound and have "another day," according to the Chicago Sun-Times.

Jackson's wife, Sandi Jackson, pleaded guilty three hours after her husband's hearing to a single charge for filing false tax returns and reporting less income than she accrued. The charge comes with a maximum prison sentence of three years.

But Sandi Jackson's lawyer, Tom Kirsch, said a negotiated plea recommends a more lenient punishment, according to NBC Chicago. Her case Wednesday afternoon was heard by the same judge who presided over her husband's hearing.

Sandi Jackson resigned in January from her post as Chicago's 7th Ward alderman.

The couple was joined in court by Jackson's father, civil rights icon Rev. Jesse Jackson; his brothers, Jonathan and Yusef; his sister, Santita; and Sandi sister, Tina.

Rev. Jackson on Monday said his son still struggles with mental illness and remains under "tight medical supervision."

"During this difficult and painful ordeal, our family has felt the impact of your prayers and calls," Rev. Jackson said. "So many ministers have reached out to us, and we thank you. The hurt in this valley is indescribable."

Jackson's guilty plea caps off a dramatic downfall. At the apex of his political career, Jackson was a leading figure in the Democratic Party establishment, serving as a national co-chairman of President Barack Obama's 2008 presidential campaign and as a surrogate for other high-profile politicians.

This story was originally published on Wed Feb 20, 2013 5:08 PM EST

Courtesy Congressman Patrick J. Kennedy

Former Congressman Patrick Kennedy (D-RI) meets with Rep. Jesse Jackson Jr., who is undergoing treatment for bipolar disorder at the Mayo Clinic in Minnesota.

Rep. Jesse Jackson Jr. (D-IL) received a special visit at the Mayo Clinic from a longtime friend and colleague on Thursday. Former Congressman Patrick Kennedy (D-RI) traveled to Minnesota to spend time with Jackson, Jr. who is undergoing treatment for bipolar disorder.

Kennedy told NBC News their meeting was "really emotional." Kennedy said it was clear to him that Jackson has been "dealing with a deep depression" that has also affected him physically. "In the room, I could feel it," said Kennedy, referring to the depression's impact on Jackson's physical movement, demeanor and energy.

Courtesy Congressman Patrick J. Kennedy

Patrick Kennedy and Jesse Jackson Jr. meet at the Mayo Clinic in Rochester, Minn., Aug. 16.

During their time together, Kennedy said Jackson talked about the political pressure he has felt to either resign from Congress or not seek re-election. "He's worried about his political future," Kennedy said adding "I tried to emphasize there is a future."  Kennedy attempted to offer reassurance by telling Jackson he is an "inspiration" for "showing people this is a serious issue that should be dealt with like any other medical condition." Kennedy urged Jackson to consider that he is making clear to the public and his constituents that "he is getting treatment like he would if he had cancer and this is just as deadly."  Kennedy was referring to suicide rates for serious mental illnesses.

Kennedy did not indicate that Jackson has made any decisions about his own political career and he did not offer any specific advice. Kennedy understands that Jackson feels the weight of the stigma often associated with mental illness. Kennedy said, "he asked about me, how did I get through this?" Kennedy has received treatment for depression and addiction at the same Minnesota facility and was able to remain in office.  Kennedy chose not to seek another House term in 2010.

Courtesy Congressman Patrick J. Kennedy

Jesse Jackson Jr. and Patrick Kennedy at the Mayo Clinic, Aug. 16.

Both are sons of famous fathers who have carried that weight throughout their lives and now share a "common struggle" with depression. Kennedy and Jackson, both in their 40s, have been friends for many years.

Kennedy says he is "confident" Jackson is making progress and deserves credit for "staying with it, "by remaining in treatment when he likely feels so much pressure "to get out." Jackson took a leave of absence from Congress June 10th.