Jon Huntsman Drops Out of GOP Race; Backs Mitt Romney

In an announcement this morning, former Utah Gov. Jon Huntsman, who shunned Iowa in favor of campaigning in New Hampshire, bowed out of the campaign for the presidency.

"Today, I am suspending my campaign for the presidency," Huntsman said at an event in Myrtle Beach, Fla. "I believe it is now time for our party to now unite around the candidate best equipped to defeat Barack Obama."

Huntsman, who in an interview on CBS' The Early Show, said he chose New Hampshire over Iowa because, "They pick corn in Iowa and pick presidents here in New Hampshire," finished a disappointing third in the New Hampshire primary.

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Huntsman endorsed former Massachusetts Gov. Mitt Romney for president. Romney narrowly won the Iowa Caucuses and had a sizable victory margin in New Hampshire. Next up is the South Carolina primary on Saturday.

In his statement, Huntsman said he would support Romney because he is the candidate "best equipped" to beat President Barack Obama.

Huntsman stood near the bottom of all. He finished third in New Hampshire, a state that he invested heavily in after skipping the Iowa Caucus.

Huntsman spoke directly to each of the presidential hopefuls in his speech.

"Today, I'm calling on each campaign to stop attacking each other and start talking to the American people," Huntsman said.