Ron Paul effectively ended his bid for the Republican presidential nomination Monday, with the Libertarian-leaning Texas Congressman announcing that he will no longer spend money campaigning in states with upcoming primaries.
Paul's announcement comes as he trails presumptive nominee Mitt Romney by a substantial margin in the race for the 1,144 delegates needed to secure the GOP nomination.
"As I reflect on our 2012 Presidential campaign, I am humbled by the supporters who have worked so hard and sacrificed so much," Paul said in a letter to supporters.
"And I am so proud of what we have accomplished," he added. "We will not stop until we have restored what once made America the greatest country in human history."
While Paul said that he would not longer spend money campaigning, he said the campaign would continue to work in the state convention process.
"We will continue to take leadership positions, win delegates, and carry a strong message to the Republican National Convention that Liberty is the way of the future," Paul said.
He added, "I hope all supporters of Liberty will remain deeply involved - become delegates, win office, and take leadership positions. I will be right there with you."
Despite drawing large crowds of enthusiastic supporters at his campaign events, the strong support did not translate to the polls, as Paul failed to win a single primary or caucus.
Paul's support for a non-interventionist foreign policy and his calls for an end to the war on drugs attracted a lot of young supporters, but he has proved to be less popular among mainstream Republicans.
The announcement from Paul virtually ends the Republican nominating process, although Romney had already turned his attention to President Obama in the lead up to the general election.
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