Michele Bachmann Officially Suspends Her Presidential Campaign

Republican presidential contender Michele Bachmann announced that she will be suspending her campaign in a much-anticipated speech this morning. Bachmann, who performed poorly in the Iowa caucuses on Tuesday, had earlier canceled her campaign trip to South Carolina.

News of the suspension was widely expected in media following Bachmann's dismal Iowa performance (she came in sixth place). Prior to the official announcement, CBS News reported:

A senior Republican official familiar with the congresswoman's plans told CBS News partner National Journal that Bachmann came to the decision to effectively end her run, recognizing that "there was no viable way forward."

Speaking at a news conference in Des Moines, Bachmann said she had "no regrets" about her campaign and said she ran her race with integrity. During her address, Bachmann mentioned liberty, conviction and the "principles of freedom and justice." Additionally, she took aim at President Obama and the "socialized medicine" plan that he has enacted (Obamacare).

"While a congresswoman by title, a politician I have never been nor will I ever hope to be," she said. "I ran because I believed that, since day one, Barack Obama's policies, based on socialism, are destructive to the very foundation of the republic."

Watch a portion of Bachmann's statement, here:

She pledged to continue fighting against Obama's socialistic ideals, while also railing against crony capitalism, among other promises.

"I have decided to stand aside," she continued. "Make no mistake. I will continue to be a strong voice..."

This is a breaking news story. Stay tuned for updates.