Michele Bachmann suspends campaign

Rep. Michele Bachmann announced she would end her presidential campaign at a press conference in Des Moines on Wednesday, the day after the Iowa Caucus.

"Last night the people of Iowa spoke with a very clear voice and I decided I must stand aside," said Bachmann.

Bachmann finished last in the Iowa Caucus, with just five percent of the vote. Candidate Mitt Romney took the most votes with 24.6 percent, but was closely trailed by Rick Santorum (24.5 percent) and Ron Paul (2.4 percent).

In Bachmann's final speech as a Republican candidate, she emphasized her opposition against "Obamacare" and the Dodd-Frank Act.

"2012 is our last chance and only chance to repeal Obamacare and the Dodd-Frank Act," said Bachmann to a room full of reporters. "Barack Obama's policies are destructive to the very foundation of the public." 

Reports that Bachmann would end her campaign poured in Wednesday morning, when a senior Republican official told the the National Journal reported on Wednesday. Along with calling for the press conference that would announce she was suspending her campaign, Bachmann also canceled her trip to South Carolina on Wednesday.

The Minnesota congresswoman had been a favorite of the tea party wing of the Republican party, and is a harsh critic of President Barack Obama.

Bachmann ended her speech, which she read from a sheet of paper, by thanking her family and campaign managers.

"I look forward to the next chapter in God's plan, he has one for each of us ya know," said Bachmann. "I thank you and say God bless you and God bless the United States of America."