Michele Bachmann quits US presidential race

Michele Bachmann is quitting the Republican presidential race, saying she's "decided to stand aside" after her last-place finish in the Iowa caucuses.

"I have decided to stand aside. I will not be continuing in the race for the presidency," Bachmann told a news conference in Des Moine, Iowa.

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Bachmann did not say whether she would make an endorsement.

Bachmann told a news conference she had "no regrets" and said she will continue to fight for the causes she emphasized on the campaign trail.

Video: Reuters

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It has been a long, deep slide for the Minnesota congresswoman, who enjoyed a high point in her campaign when she won a Republican straw poll in Iowa several months ago.

In her statement, Bachmann said the Republican Party must not miss a "once-in-a-lifetime opportunity" to repeal both the sweeping health care law under President Barack Obama's watch and the financial regulation law known as Dodd-Frank.

The announcement came a day after she received only 5% of the vote in the Iowa nominating caucuses, dealing what many saw as a fatal blow to her presidential ambitions.

The congresswoman's decision to pull out could favor rival Rick Santorum, who narrowly came in second to Mitt Romney in Tuesday's elections.

Santorum, Bachmann and Texas Governor Rick Perry, who is "reassessing" his campaign, have been courting support from evangelical Christians. If a significant number of evangelicals eventually rally behind Santorum, his long-shot campaign could receive a major boost.

Yitzhak Benhorin in Washington, AP and Reuters contributed to the report

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