Romney Drops Out of Race

Former Massachusetts Governor Mitt Romney is suspending his presidential campaign, effectively ceding the Republican nomination to John McCain.

Romney says that if he fought all the way to the convention, he would "forestall the launch of a national campaign,'' and make it more likely that Democrats Hillary Clinton or Barack Obama would win in November.

Romney launched his campaign almost a year ago in his native Michigan.

The former Massachusetts governor and venture capitalist invested more than 40 million dollars of his own money into the race.

Romney's decision leaves John McCain as the top man standing in the GOP race, with Mike Huckabee and Ron Paul far behind in the delegate hunt.

It was a remarkable turnaround for McCain, who some seven months ago was barely viable, out of cash and losing staff.