The conservative congresswoman from Minnesota addressed the decision at a press conference in Des Moines on Wednesday morning. Bachmann, who ran an Iowa-centric campaign, placed sixth in the state's 2012 caucus.
"Last night, the people of Iowa spoke with a very clear voice, and so I have decided to stand aside," Bachmann said in announcing the future of her campaign. She signaled that she has "no regrets" and is looking forward "to the next chapter in God's plan."
Even though she won't be continuing her pursuit of the White House, Bachmann said that she will still fight Barack Obama's policies. She asserted that the president's policies are "based on socialism" and proving "destructive" to the country.
After announcing her candidacy last summer, Bachmann's campaign experienced its fair share of dramatic ups and downs. In August, she won the Ames Straw Poll, an early test of conservative strength, but after hit a series of bumps and struggled to recover.
Following the Iowa caucus on Tuesday night, speculation began to swirl that Texas Gov. Rick Perry could abandon his presidential campaign. The Lone Star State Republican, who placed fifth in the contest, appears to be staying in the race for now and looking ahead to South Carolina's upcoming primary election.