Former Pennsylvania Sen. Rick Santorum addresses a crowd at Stoney Creek Inn in Johnston, Iowa. (Andrew Burton / Getty Images /January 3, 2012)
Speaking to supporters in Iowa, the Texas governor said he would return home tonight rather than head to South Carolina, as he had planned.
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Though he stopped short of a final declaration, it was clear in his tone that Perry was eyeing an end to his campaign. Earlier in his remarks, he choked up as he read a letter from a volunteer, and called running for the presidency "the most incredible experience" of his life.
"This campaign has never been about me. It's about a movement of Americans who see our country -- that it's not on the track that most of us want it to be on," he said.
With most of the votes counted Perry appeared headed to a fifth-place finish, with just over 10% of the vote. The first nominating contest of the presidential race is likely to end in a virtual tie between Rick Santorum and Mitt Romney.
When Perry entered the race in late August, he did so as an immediate front-runner. His ability to raise big money, and his reputation as the longest-serving governor in Texas, made him a formidable challenger — at least on paper. But his performance failed to live up to that promise.
Unlike past elections, when in-person campaigning in the early states often helped voters sort through the field of candidates, a series of much-watched TV debates filled that role this time. The highly publicized encounters helped deflate Perry's prospects, after a series of faltering performances under the television lights.
Paul West contributed to this report from Des Moines, Iowa.

