Rand Paul quits presidential campaign

Reports say the Republican plans to drop out of the race

Rand Paul confirmed his intention to quit with staff on Wednesday morning

Republican Rand Paul has announced he will drop out of the presidential race, according to sources.

As reported by Politico and CNN, three sources close to the campaign said that the son of former Texas Rep. Ron Paul, will give up his bid to become the next president.

Senator Paul came in fifth in the Iowa caucus on Monday night, receiving just 4.5% of the vote.

He now faces a race for reelection to the Senate against Democrat Lexington Mayor Jim Gray.

The Senator was a freshman Kentucky senator and was once viewed as a formidable opponent for the White House. But he has reportedly discussed the matter with staff and sent out a statement confirming his intention to quit.

“It's been an incredible honor to run a principled campaign for the White House,” Senator Paul said in the statement. “Today, I will end where I began, ready and willing to fight for the cause of Liberty.”

Commentators have said that Senator Paul's isolationist policies may have triggered his defeat in the polls.

The last candidate to drop out was Democrat Martin O’Malley after he was losing favour in the polls.