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Source: yfrog

Updated…

**Written by Doug Powers

The first post-Iowa casualty?

After a disappointing sixth-place finish in the Iowa caucuses over night, Republican presidential candidate Rep. Michele Bachmann, R-Minn., will hold a news conference at 11 a.m. EST on Wednesday, the campaign announced on Wednesday morning.

Bachmann, who won the Iowa straw poll in August, won only 5 percent of the votes in Tuesday’s caucus. After the results, she cancelled her trip to South Carolina, where she would have campaigned to win the state’s primary on Jan. 21, Fox News reported.

On Monday Bachmann said she had no intention of dropping out no matter what the outcome in Iowa.

Additionally, Rick Perry has canceled events scheduled today in South Carolina and will return to Texas to “reassess” his campaign.

In other campaign news, John McCain will endorse Romney in New Hampshire, my friends. Fantastic.

**Written by Doug Powers

Twitter @ThePowersThatBe

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UPDATE:

As Bachmann makes her announcement that she has decided to “step aside” and looks “forward to the next chapter in God’s plan,” Perry tweets a picture of himself in running clothes and announces he’s hanging on:

“And the next leg of the marathon is the Palmetto State…Here we come South Carolina!!!”

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Meanwhile, Newt floats a collab with Santorum.