GOP hopeful Michele Bachmann threw in the towel on Wednesday after finishing last in the six-way Republican caucus in Iowa.
But the Minnesota Congresswoman vowed she will continue to fight against Obama administration policies saying that every day they bring the country "closer to the point of no return."
"Last night the people of Iowa spoke with a very clear voice. And so I have decided to stand aside," Bachmann said. "I believe that if we are going to repeal Obamacare, turn our country around and take back our country, we must do so united."
"I believe that we must rally around the person that our country and our party and our people select to be that standard-bearer," she added.
Speaking to supporters, Bachmann insisted the decision was not based on money, and said she hadn't made any decision about endorsements.
Bachman's decision to bow out was not unexpected as she has polled poorly and failed to raise the large funds some of her competitors have.
Observers say Bachman's bowing out, if followed by Texas Governor Rick Perry, could be a boon for Senator Rick Santorum as he surges in the polls and becomes a threat to frontrunner Mitt Romney.
Both Bachman and Perry hold strong conservative views and Santorum - a staunch conservative himself - would likely appeal to their supporters, who are now up for grabs.
Santorum was edged out of an Iowa victory and the state’s 23 GOP delegates by a mere eight votes - winning 30,007 to Romney’s 30,015. His strong showing as Republicans look to New Hampshire has turned a race once considered an easy nomination for Romney into a street fight.