Newt Gingrich has announced that he will suspend his campaign for the republican presidential nomination next week, according to CNN.
According to campaign staffers, the former Speaker of the House is dropping out of the race due to logistical purposes, and will formally concede the race in a speech on Wednesday. He is expected to endorse likely nominee Mitt Romney.
Gingrich originally appeared to be the chief rival to Romney back in December, when early poll numbers showed the speaker making double-digit leads over the former Massachusetts governor. Astring of primary losses, staff departures, dwindling funds and a number of campaign trail gaffes soon pushed Gingrich towards irrelevance, although he pledged to stay in the race until the republican national convention.
The New York Times reports that Gingrich's campaign is $4.3 million in debt, but Gingrich is pressing on into next week, still attending promised campaign stops with his third wife, Callista.