Tim Pawlenty Drops Out of 2012 Presidential Race

Numerous reports are out on Sunday morning that former Gov. Tim Pawlenty of Minnesota is ending his bid for the Republican presidential nomination. Pawlenty focused heavily on winning the Iowa straw poll held in Ames on Saturday night, but he placed a distant third -- far behind U.S. Rep. Michele Bachmann of Minnesota and U.S. Rep. Ron Paul of Texas.

Pawlenty had solid credentials and he assembled a fine team of political strategists and operatives, but these were not enough to compete for the Republican nomination. Former Gov. Mitt Romney of Massachusetts remained the favorite while conservatives flocked to Bachmann. Gov. Rick Perry of Texas entering the race on Saturday further undermined Pawlentys candidacy.