DES MOINES, Iowa -- Michele Bachmann said Wednesday she is suspending her presidential campaign, but vowed to continue fighting to defeat President Obama and his "agenda of socialism" in the fall election.
"I have decided to stand aside," Bachmann said during an announcement in Des Moines, Iowa, where she had finished sixth in last night's Republican caucus.
The announcement came after Bachmann canceled scheduled campaign appearances in South Carolina today.
The Minnesota congresswoman did not endorse any of the remaining Republican candidates. Nor did she indicate whether she plans to seek re-election to the U.S. House from a Minnesota district that has been re-drawn.
Instead, Bachmann said she will continue to work for "the complete repeal of ObamaCare," and described the Obama administration as "the playground of left wing social engineering."
The sixth-place finished damaged the chances of Bachmann, an Iowa native who represents neighboring Minnesota in the U.S. House. Bachmann won the heavily covered Iowa straw poll in August, but her support has steadily declined in the weeks since.
It should be noted that Bachmann also faces re-election for her House seat in November.
In her concession speech late Tuesday, Bachmann indicated she would continue her campaign, describing herself as the "true conservative" who can beat President Obama in the fall. She also said "pundits and the press" shouldn't decide the Republican presidential nomination.
"I prefer to let the people of the country decide who will represent us," Bachmann said.
Campaign "suspension" is a term of art, used for financial reasons.
Under the law, presidential candidates who suspend their campaigns can return their unspent money, give it to other candidates or charity. The law forbids candidates from converting the funds to personal use.
Campaign finance reports for the October through December fundraising period are due to the Federal Election Commission by Jan. 15, so it's unclear how much money Bachmann has left in the bank or whether she has unpaid debts.