BREAKING NEWS: Thompson Dropping Out of Race

Update: @ 2:42 PM:

Fred Thompson dropped his presidential bid Tuesday, after the former Tennessee senator and actor finished third in the South Carolina primary and was unable to score a victory in any of the early primaries or caucuses.

“Today I have withdrawn my candidacy for President of the United States. I hope that my country and my party have benefited from our having made this effort. Jeri and I will always be grateful for the encouragement and friendship of so many wonderful people,” Thompson said in a statement.

The GOP candidate has begun calling friends, family members and supporters to tell them his campaign is over. He left Nashville Tuesday afternoon for McLean, Va., where he is expected to make the announcement about his campaign as early as Tuesday night.

Aides said Thompson sent an e-mail Monday saying he was still undecided about whether to stay in the race, but with no plans to campaign in Florida, which holds its primary Jan. 29, or to participate in a Republican debate Thursday, staffers expected him to withdraw.

FOX News’ Carl Cameron contributed to this report.

Original Post:

Just listening to FoxNews and Carl Cameron broke news of Fred Thompson's decision to drop out of the race for the Republican nomination for President. An official announcement is expected tonight or tomorrow.

It is a sad day for Conservatives in America! More to follow as information becomes available.