Perry out; endorses Gingrich

Texas Gov. Rick Perry just bowed out of the race for the Republican presidential nomination, and in doing so he threw his support by former House Speaker Newt Gingrich.

The Associated Press has Perry saying, "Newt is not perfect, but who among us is?"

Here's more from that report:

While the ultimate impact of Perry's decision is unclear, it reduced the number of conservative challengers to Mitt Romney. The decision also reinforced the perception that Gingrich is the candidate on the move in the final hours of the South Carolina campaign, and that the front-running Romney is struggling to hold onto his longtime lead.

Perry's exit marked the end of a campaign that began with soaring expectations, but quickly faded. He shot to the head of the public opinion polls when he announced his candidacy last summer, but a string of poor debate performances soon led to a decline in support.

His defining moment came at one debate when he unaccountably could not recall the third of three federal agencies he has promised to abolish. He joked about it afterward, but never recovered from the fumble.