AP Photo/Sid Hastings

(AP Photo/Sid Hastings)

Rick Perry is Dropping Out of the 2016 Race

By Business Leaders FOXBusiness

Republican presidential hopeful Rick Perry is calling it quits. The former Texas governor made the official announcement standing before the Eagle Forum in St. Louis, MO on Friday.

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“Today I am suspending my campaign for the presidency of the United States,” said Perry.

Perry is the first GOP candidate to drop out of the presidential race, but has been steadily dropping in the polls throughout his campaign.

He said the upcoming 2016 race to the White House is “the most important election of our lifetime.”

The news of Perry’s departure comes days after not qualifying for the top-tier GOP presidential debate next week.

“We have a tremendous field – the best in a generation – so I step aside knowing our party is in good hands, and as long as we listen to the grassroots, the cause of conservatism will be too,” said Perry. "I give you this news with no regrets."  

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This was Perry's second run for president; his first bid was back in 2012.

Other GOP contenders were quick to react to Perry’s announcement.

Republican front-runner Donald Trump took to Twitter calling Rick Perry “a terrific guy.” Mr. Trump adding, “ I wish him well- I know he will have a great future!”

U.S. Sen. from Florida, Marco Rubio sent out an official statement recognizing Perry’s character and public service.

"Governor Perry has dedicated his entire life to his family, friends, and Jesus Christ. He served in the United States Air Force and as governor of Texas with distinction, and I have no doubt that his service to our nation is not over. I commend him for running an honorable, positive campaign, and wish the best to him and his family" said Rubio.

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