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Breaking: CNN Reports That Rick Perry Is Suspending Campaign [UPDATE]

CNN political analyst Paul Steinhauser is reporting that Texas Governor Rick Perry is telling supporters that he will drop his bid for the GOP nomination Thursday afternoon, ahead of the South Carolina debate later Thursday night.

Steinhauser said that CNN political reporter Peter Hamby has two sources that say Perry will drop out at some point today.

“It looks like we may only have four people on that stage tonight,” Steinhauser added.

We will update as more details become available.

UPDATE: Video of the breaking news, courtesy of CNN:

UPDATE 2: The Associated Press is reporting that Perry will endorse Newt Gingrich.

UPDATE 3: Perry will hold a news conference at 11 a.m.

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