Perry Announces He's Returning to TX to Reassess Campaign

During a speech following his fifth-place finish in the Iowa Caucuses, TX Gov. Rick Perry said he will be returning to his home state to reassess his campaign.

After reading a letter from a volunteer -- during which he got choked up -- Perry said he would take time to pray and reflect on his campaign and determine a path forward.

Earlier in the day, Perry had encouraged supporters to keep the faith as his advisers looked ahead to South Carolina as the first real test of his presidential campaign.

This is a breaking story. Updates will be added. The Associated Press contributed to this report.