From National Journal:
After a disappointing sixth-place finish in the Iowa caucuses over night, Republican presidential candidate Rep. Michele Bachmann, R-Minn., will hold a news conference at 11 a.m. EST on Wednesday, the campaign announced on Wednesday morning.
Bachmann, who won the Iowa straw poll in August, won only 5 percent of the votes in Tuesday’s caucus. After the results, she cancelled her trip to South Carolina, where she would have campaigned to win the state’s primary on Jan. 21, Fox News reported.
Bachmann insisted as recently as last night that she is the Republican “who can and who will” defeat President Obama.
Read more here.
UPDATE from National Journal:
Rep. Michele Bachmann is suspending her presidential campaign, said a senior Republican official with direct knowledge of the lawmaker’s plans. The official, who spoke on condition of anonymity, said the Minnesota lawmaker, a favorite of the tea party wing of the party and a harsh critic of President Obama, realized after her sixth-place finish in Iowa’s caucuses that “there was no viable way forward.” By suspending her campaign, Bachmann is effectively dropping out.