From NBC's Domenico Montanaro and Mark Murray
Michael Steele's rocky tenure as chairman of the Republican National Committee has officially ended.

Steele dropped his bid for reelection only after four rounds of votes here at National Harbor that saw him lose votes in each subsequent round. He endorsed former Bush administration official Maria Cino. If all votes hold, and Steele's 28 combine with Cino's 29, that would put Cino in second place with 57 votes behind Wisconsin Chairman Reince Priebus, who at last tally had 58.

"How y'all doin,'" Steele said in signature Steele, as he took to the podium before fifth-round voting to announce his exit. "Two years, we had a good time. This is tough because it is what it is."

He added, "I step aside for others to lead. ... Despite the noise, despite the difficulties, we won."

He continued, "I'm a fighter, and I'm a little bit obstinate, but I am because I believe in the fight."

He went on to tout the committee's accomplishments, as he saw them -- raising $192 million -- "no asterisk"; winning 63 House seats -- "We won in places we haven't in a long time. ... It wasn't because of anything I did. ... It's what you did."

"I will step aside because I think the party is ready for something different," he said. "And now I exit, stage right."

From NBC's Domenico Montanaro and Mark Murray

Michael Steele unintentionally said it best himself at a debate for chairman of the Republican National Committee: "It was the best of times, it was the worst of times," he said, incorrectly attributing the line to "War and Peace," which he called his favorite book. (It's from "A Tale of Two Cities.")

Today, at a sprawling resort just outside Washington, Steele delivering a speech -- in his capacity as RNC chairman -- was essentially his last pitch to members before today's vote of the 168 committee members who, will determine his fate this afternoon.

"You shocked the world," he told the assembled members, as he delivered the chairman's report on the past two years.

Steele was deferential, crediting members with wins in 2009 in Virginia and New Jersey as well as touting the committee's efforts to take back the House and place John Boehner as speaker.

Of course, Steele once said, "I won" the Virginia and New Jersey races. Today, he said, "You won." And he once said the GOP wouldn't take back the House. "Not this year," he said.

But Steele is looking to be re-hired for this job, so he made sure to shower the members with praise.

"It does not get done without you, our state chairmen and our national committeemen and women," Steele said. He added, "You did not shrink from the challenge. You did not walk away from the opportunity. The effort of our party speaks for itself."

Sounding a bit like failed Delaware Senate candidate Christine O'Donnell (R), he said, "For the first time in a generation, we saw us. ... We drew in America. They responded to your voice; they responded to your efforts.

He touted the GOP's electoral successes in 2009 and 2010, calling the RNC "one of the best committees in a long time."

He lauded get-out-the-vote efforts, more offices in states, the RNC's new Web site, and winning even mayoral races in places like Albuquerque, NM, county offices in Upstate NY, and even in Guam.

Yes, today Guam votes, too.

"I want to thank you so much," Steele said, "so much for the chance to serve at a time when our party was changing. ... We stand proud."

Regardless of the outcome of today's vote, Steele told the RNC to "appreciate what you have done" to "establish a Republican renaissance."

In concluding his remarks, Steele exhorted the audience "to give the Democrats Hell over the next two years."

Embattled Republican National Committee Chairman Michael Steele will participate in the Jan. 3rd debate for RNC chair, the Web site The Daily Caller reports. (The Daily Caller is co-sponsoring the debate with fiscal conservative Grover Norquist's group Americans for Tax Reform and the anti-abortion-rights group Susan B. Anthony List.)

VIDEO: NBC's Domenico Montanaro reports on the RNC Chair race and that Chairman Steele will participate:

Visit msnbc.com for breaking news, world news, and news about the economy

Steele suprised the political world when he announced he would seek reelection. And he lost a key backer yesterday, when California committeeman Shawn Steel defected.

Steele is also facing an Anybody but Steele campaign. Committee members are pushing a "No Deal with Steele Pledge," hoping to force the other candidates not to cut a deal with Steele that could keep him in the job.

Few believe Steele will be able to corral the 85 votes of the 168 committee members to win reelection.

Five others are running for the post, including Wisconsin GOP chair and former RNC general counsel Reince Priebus, a former staunch Steele ally; Saul Anuzis, a Michigan committeeman; former RNC political director Gentry Collins, who penned a damning letter which many think severely damaged Steele's chances at reelection; Maria Cino, a former Bush administration official; and Ann Wagner, a former Missouri party chairwoman.

Steele's participation means the forum at the National Press Club will be quite the spectacle, exactly what party committee members hoped to avoid.