Rand Paul dropping out of presidential race

(CNN)Rand Paul, the libertarian-minded freshman senator who was once viewed as a formidable presidential contender, is suspending his White House bid.
Paul discussed the matter with staff Wednesday morning and sent out a statement confirming the decision to drop out of the Republican presidential primary.
"It's been an incredible honor to run a principled campaign for the White House," Paul said in the statement. "Today, I will end where I began, ready and willing to fight for the cause of Liberty."
Paul, a Kentucky Republican, is expected to instead place his focus squarely on his Senate reelection bid, where he faces a wealthy Democrat, Lexington Mayor Jim Gray, who has the money to partially finance his campaign.