Michele Bachmann is expected to make a major announcement today at 11 a.m. est, fueling speculation that she may drop out of the race for GOP nomination after coming in 6th last night in the Iowa Caucuses. She has also cancelled a campaign event in South Carolina, despite implying last night in her speech that she would be pushing forward.
Update (from Erika): It looks like Michele Bachmann is going to at least suspend her campaign for the GOP nomination, reports National Journal:
Michele Bachmann, R-Minn., “doesn’t see a way forward in her campaign and will make an announcement to that effect this morning,” a senior Republican official with direct knowledge of the lawmaker’s plans said on Wednesday.
Update II (from Erika): It's official--prefacing her announcement with a testament to American exceptionalism and the brilliance of our Founding Fathers, and relating how the passage of ObamaCare first inspired her to stand up and fight and to run for president, Michele Bachmann Wednesday morning cut short her campaign for the GOP presidential nomination:
"President Obama and his socialist policies must be stopped. ...America is and does remain the greatest force for good America has ever known. ...The people of Iowa have spoken with a very clear voice, and so I have decided to stand outside. ...We must rally around the person that... our party selects to be the standard-bearer."
It was a gracious speech, and Bachmann iterated that she would continue to fight to roll back the Obama administration's excessively interfering policies and to advocate for conservative principles, but she's now officially a casualty of the Iowa caucuses.
Update III: Here's the video of the press conference: