Former House Speaker Newt Gingrich will not run for president in 2008 after determining he could not legally explore a bid and remain as head of his tax-exempt political organization, a spokesman said Saturday.
"Newt is not running," spokesman Rick Tyler said. "It is legally impermissible for him to continue on as chairman of American Solutions (for Winning the Future) and to explore a campaign for president."
Just last week, Gingrich said he had given himself a deadline of Oct. 21 to raise $30 million in pledges for a possible White House bid, acknowledging the task was difficult but not impossible.
He abruptly dropped the idea Saturday, apparently unwilling to give up the chairmanship of American Solutions, the political arm of a Gingrich's lucrative empire as an author, pundit and consultant.
American Solutions, a tax-exempt committee he started last October, has paid for Gingrich's travel and has a pollster and fundraiser on staff. The outfit has raised more than $3 million, mostly from two benefactors who each gave $1 million: Sheldon Adelson, chairman and chief executive of the Las Vegas Sands Corp., and North Carolina real estate developer Fred Godley.
Gingrich makes hundreds of speeches each year, many paid. He will not say how much he charges, and neither will the Washington Speakers Bureau, which books him. But some clients have said they paid $40,000 for a speech.
He also has a contract with Fox News for commentaries and specials; Fox said it does not disclose the terms of its contracts. Gingrich also is a senior fellow at the conservative American Enterprise Institute.
Gingrich has a daily radio broadcast on more than 400 stations, and he writes a free online newsletter with 200,000 subscribers that is distributed by the conservative news magazine Human Events.
He also has a for-profit think tank, the Center for Health Transformation, which grew out of the consulting firm he started after leaving Congress in 1999.
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