Ron Paul All But Hangs Up the White Flag on Presidential Bid

U.S. Rep. Ron Paul of Texas sent out strong signals on Monday that he is cutting back on his bid for the Republican presidential nomination.

As I reflect on our 2012 presidential campaign, I am humbled by the supporters who have worked so hard and sacrificed so much, Paul noted in an email to supporters on Monday. And I am so proud of what we have accomplished. We will not stop until we have restored what once made America the greatest country in human history.

This campaign fought hard and won electoral success that the talking heads and pundits never thought possible, continued Paul. But, this campaign is also about more than just the 2012 election. It has been part of a quest I began 40 years ago and that so many have joined.It is about the campaign for liberty, which has taken a tremendous leap forward in this election and will continue to grow stronger in the future until we finally win.

Our campaign will continue to work in the state convention process, added Paul. We will continue to take leadership positions, win delegates, and carry a strong message to the Republican National Convention that liberty is the way of the future.

Still, Paul added that he was planning on cutting back his bid for the GOP nomination -- essentially giving a clear shot for Mitt Romney.

Moving forward, however, we will no longer spend resources campaigning in primaries in states that have not yet voted, Paul wrote supporters on Monday."Doing so with any hope of success would take many tens of millions of dollars we simply do not have. I encourage all supporters of liberty to make sure you get to the polls and make your voices heard, particularly in the local, state, and congressional elections, where so many defenders of freedom are fighting and need your support.

Paul did not totally throw in the towel on Monday, adding that in the coming days, my campaign leadership will lay out ... our delegate strategy. Looks like Paul will go all the way to Tampa -- with hope to shape the party and platform if not winning the presidential nod.