Rand Paul dropping out of presidential race

(CNN)Rand Paul, the libertarian-minded freshman senator who was once viewed as a formidable presidential contender, is suspending his White House bid.

Paul discussed the matter with staff Wednesday morning and sent out a statement confirming the decision to drop out of the Republican presidential primary.

"It's been an incredible honor to run a principled campaign for the White House," Paul said in the statement. "Today, I will end where I began, ready and willing to fight for the cause of Liberty."

Paul, a Kentucky Republican, is expected to instead place his focus squarely on his Senate reelection bid, where he faces a wealthy Democrat, Lexington Mayor Jim Gray, who has the money to partially finance his campaign.

Paul finished a disappointing fifth place in Monday's Iowa caucuses, registering just 4.5% of the vote despite placing a heavy emphasis on the state's college towns...

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