Minnesota Congresswoman Michele Bachmann will be suspending her campaign for the Presidency following a single digit sixth-place loss in her home state of Iowa Tuesday night.

Report from CBS News:

Republican presidential hopeful Michele Bachmann will reportedly announce that she’s suspending her presidential campaign after a dismal showing in the Iowa caucuses.

A senior Republican official familiar with the congresswoman’s plans told CBS News partner National Journal that Bachmann came to the decision to effectively end her run, recognizing that “there was no viable way forward.”

Earlier, Bachmann canceled her campaign trip to South Carolina.

Here is video of Bachmann’s press conference stating her intention to suspend her campaign:

Certainly this will help consolidate power around Santorum, Gingrich and perhaps Perry. Romney will actually have a tougher time as more of the conservative candidates fall by the wayside.