Tim Pawlenty Shows No Signs of Dropping Out After Iowa Straw Poll

After spending $1 million in Iowa so far, former Gov. Tim Pawlenty of Minnesota took a distant third place in the Iowa straw poll. His support was less than half of the two candidates who beat him on Saturday -- U.S. Rep. Michele Bachmann, also of Minnesota, who won the straw poll, and U.S. Rep. Ron Paul of Texas.

Despite continued buzz about his campaign faltering, Pawlenty insisted on Saturday that he would be in the race for a while longer.

Congratulations to Congresswoman Michele Bachmann for her victory in today's straw poll," said Pawlenty in a statement released after the results came in. We made progress in moving from the back of the pack into a competitive position for the caucuses, but we have a lot more work to do. This is a long process to restore America -- we are just beginning and I'm looking forward to a great campaign."