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Pawlenty to quit presidential race

Former Minnesota Gov. Tim Pawlenty is quitting the presidential race after a disappointing finish at the Ames Straw Poll.

Pawlenty told supporters on a conference call that he would announce on ABC's This Week that he is bringing his campaign to an end.

Congresswoman Michele Bachmann won the straw poll with 29% of the vote, edging out Rep. Ron Paul by 152 votes. Paul finished with 28%. Pawlenty, though, who spent months campaigning in Iowa, was doubled up by both Bachmann and Paul, finishing a distant third with 14%.

Pawlenty poured what was left of his resources into the straw poll and couldn't find a way to continue.

Former Minnesota Gov. Tim Pawlenty drops out of the race for the GOP presidential nomination. Msnbc's Chris Jansing and NBC's Chuck Todd reports.

*** UPDATE *** Here's some reaction to the Pawlenty exit:

MITT ROMNEY: NBC's Garrett Haake reports Romney's statement: “Tim Pawlenty and his entire team ran an honorable campaign. I admire his accomplishments as a two term Governor with a record of results for his state. I consider him a friend and I know he has a bright future ahead of him as a leader in the Republican Party.”

JON HUNTSMAN: NBC's Jo Ling Kent reports Huntsman's statement: "Tim Pawlenty is an accomplished Governor, a proud conservative, and someone of tremendous character. Our families became close while we were serving together as governors and we are honored to call the Pawlentys dear friends. I know this wasn't an easy decision for Tim and Mary, and I wish them nothing but the best. Tim should be proud that he brought to this race ambitious solutions to turn around our nation's economy and to tackle debt and spending. I hope that all of his supporters continue to stay engaged in this defining election and work with us to ensure that our party wins in November."

SARAH PALIN: NBC's Alex Moe reports from Springfield, IL, that Palin told NBC News at the Abraham Lincoln Presidential Museum, "I think we will see more people coming and going" in this campaign cycle. "I hate to see that internal party events would be seen as the barometer for somebody to stay in the race or not. I would love to have seen Pawlenty stay in there and allow the voters to decide not internal political machinery decide who should be in the race and who should not. So I am disappointed that he has dropped out. Pawlenty, he is a good man who worked very hard, had a good record as a governor. He knew how to get along with the boys in the sandbox. He knew when and how to compromise in order to get things done in a blue state - a Republican in a blue state being effective. I have great respect for him and a lot of his staff members too, good guys, good gals. He has a great family. So I really, really hope the best for Gov. Pawlenty; he is a good man, and disappointed that he dropped out.

On whether Pawlenty quitting will impact her decision to run, she said, "No, I think this is more illustration of the comings and goings of a campaign in a very long season of politics. We still have many months to go, and I think we will see more people coming and going."