Erika Johnsen
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Rick Santorum has a press conference scheduled for this afternoon, but there are already early reports on Twitter that Rick Santorum is going to announce that he's suspending his campaign, apparently confirmed by Fox News and other outlets. Stand by for confirmation and live updates!

Update: Yahoo reports that, earlier today, Rick Santorum called Mitt Romney to concede; you can watch the livestream of the press conference through Yahoo, as well.

Update: It's official -- Tuesday afternoon, Rick Santorum made a graceful exit from the GOP presidential race. Although his daughter Bella was hospitalized last week, Santorum reported that she is now doing well, but Easter weekend was a time for prayer and reflection for his family and for him to think about his role as a parent. He described how his journey to restore the American Dream began to take shape over a year ago, how he defied the odds and the political experts to come as far as he has, and that traveling from state to state inspired him with a new "love affair" with the determination of the American people. Santorum recounted stories from the road, and that he daily felt like he was winning if only by meeting wonderful people, touching hearts, and raising important issues. And while he and his family have decided that his time as a presidential candidate is over for the time being, he promised that he will continue to fight in any way possible to defeat Barack Obama and defend our shining city on a hill. Well said, Mr. Santorum.

Update: Mitt Romney's response to Santorum's bowing out:

"Senator Santorum is an able and worthy competitor, and I congratulate him on the campaign he ran. He has proven himself to be an important voice in our party and in the nation. We both recognize that what is most important is putting the failures of the last three years behind us and setting America back on the path to prosperity," Romney said in the statement.

Update: Here's the full video of Santorum's concession, from the Right Scoop:

Update: It appears that Newt Gingrich is excited to finally have the chance to go "one-on-one with Mitt Romney" and has no intention of dropping out anytime soon:

"Rick has waged a remarkable campaign. His success is a testament to his tenacity and the power of conservative principles. I am committed to staying in this race all the way to Tampa so that the conservative movement has a real choice. I humbly ask Senator Santorum’s supporters to visit Newt.org to review my conservative record and join us as we bring these values to Tampa. We know well that only a conservative can protect life, defend the Constitution, restore jobs and growth and return to a balanced budget."

Update: Just prior to Santorum's presser, Guy was on Fox News with Megyn Kelly with some insight into what a Santorum-withdrawal might look like for the GOP:

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Erika Johnsen

Erika Johnsen is a Web Editor for Townhall.com and Townhall Magazine. Follow her on Twitter @erikajohnsen.