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BREAKING: Rick Perry To Drop Out Of Race

Not surprising:
Charleston, South Carolina (CNN) - Rick Perry is telling supporters that he will drop his bid for the Republican presidential nomination on Thursday, two sources familiar with the plans told CNN.
UPDATE: It now appears that Rick Perry will be endorsing Newt Gingrich for the Republican nomination:
Rick Perry is expected to drop out later this morning at an 11 a.m. press conference and endorse Newt Gingrich, two sources confirmed to POLITICO.