UPDATED: Perry quits! Throws support to Gingrich

Rick Perry is out. The former presidential contender announced on Thursday he is suspending his campaign, just two days before the South Carolina primary. 

UPDATED: Perry has endorsed Newt Gingrich for president. While he acknowledged their differences, Perry said Gingrich best represents "bold and conservative leadership."

CHARLESTON, SC (Catholic Online) - Sources within his campaign said he would make his announcement before tonight's debate. In fact, a press conference has been called for 11:00 AM ET today.

It is unknown if Perry will endorse another candidate as he exits the race, but sources within his campaign confirmed that both Newt Gingrich and Rick Santorum have made overtures in an effort to get the Texas Governor's support. The source described the efforts of both camps as being "aggressive."

Perry surged to the lead in August when he upstaged the Ames Iowa straw poll with his announcement that he would seek the Republican presidential nomination. In fact, Perry's initial lead was so great that some speculated the race was virtually over - just as it was beginning. However, Perry's lackluster performance in debates including more than a few gaffes and defending some policy decisions that alienated some of the conservative Republican base, caused him to fall from favor.

Eventually, his campaign was eclipsed by the rise of Herman Cain in November.

In both Iowa and New Hampshire, Perry finished fifth. Following New Hampshire, it was speculated that Perry would quit the race, but supporters urged him to stay on and Perry decided to make a final attempt to win South Carolina. He has spent his time since New Hampshire campaigning in that state. 

Perry's supporters say they are disappointed. While his website still calls on voters to "help Rick Perry win South Carolina," and his campaign is still accepting online donations. 

Perry's exit whittles the race down to Mitt Romney, who is expected to win South Carolina, despite a withering fire of attack ads leveled by his rivals. Following Romney are Gingrich and Santorum, and finally Paul. Ron Paul is expected to fare poorly in the primary while a close race between Gingrich and Santorum is expected. 

As voters appear to be coalescing behind Romney according to many of the polls, the main stream media pundits insist it is unlikely that Gingrich or Santorum stand much of a chance. However, this has all  been said before.

With several weeks of campaigning to go and new controversies emerging, anything can happen in this volatile primary race for the Republican Presidential nomination. 

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