Rick Perry Drops Out of Presidential Race, Endorses Gingrich

This hardly comes as a surprise, but CNN is reporting this morning that Rick Perry is planning to drop out of the GOP clown car presidential race:

Rick Perry is telling supporters that he will drop his bid for the Republican presidential nomination on Thursday, two sources familiar with the plans told CNN.

Update: Sources tell Politico that Perry will endorse Newt Gingrich.

Perry's press conference is scheduled for 11am.

Update 2: Indeed, at his press conference this morning, Perry announced the suspension of his campaign and his endorsement of Newt Gingrich.

Speaking at a news conference in Charleston, South Carolina, Perry said there was "no viable path forward" for his campaign. He said Gingrich has the "heart of a conservative reformer."

The move comes two days before the South Carolina primary and hours before the final debate ahead of the voting, which will take place Thursday night and be broadcast on CNN.

The campaigns of Newt Gingrich and Rick Santorum reached out to the Perry campaign Thursday morning in an "aggressive effort" to get his endorsement, according to a source close to Perry.