The Tea Party favourite made the announcement in Des Moines, Iowa, where she finished a disappointing sixth in the state's caucuses on Tuesday.
Her withdrawal from the field leaves six other contenders in the presidential race.
They are vying to become the Republican nominee to challenge President Barack Obama for the White House in November.
Former Massachusetts Governor Mitt Romney won Iowa's caucuses by a wafer-thin margin over former Pennsylvania Senator Rick Santorum.
It was widely believed that Texas Governor Rick Perry, who finished fifth, would also drop out, but he tweeted on Wednesday: "Here we come South Carolina!!!"
After cancelling her own campaign trip to South Carolina, Mrs Bachmann, 55, told a news conference on Wednesday: "Last night the people of Iowa spoke with a very clear voice and so I have decided to stand aside."
She said she had "no regrets".
Mrs Bachmann did not endorse another candidate, but said: "I believe that we must rally around the person that our country and our party and our people select to be that standard bearer."
She spoke at length about her reasons for entering the race, denouncing President Obama's healthcare reforms as "left-wing social engineering", which "endangered the very future" of the US.
Mrs Bachmann, who wooed the evangelical Christian vote, was briefly the front-runner of the race in August. But two senior backers left her cash-strapped Iowa campaign a week ago, amid dire opinion-poll ratings.
Before he squeaked to victory by just eight votes, Mr Romney announced another high-profile endorsement, this time from Arizona Senator John McCain, the 2008 Republican nominee.
news source
Her withdrawal from the field leaves six other contenders in the presidential race.
They are vying to become the Republican nominee to challenge President Barack Obama for the White House in November.
Former Massachusetts Governor Mitt Romney won Iowa's caucuses by a wafer-thin margin over former Pennsylvania Senator Rick Santorum.
It was widely believed that Texas Governor Rick Perry, who finished fifth, would also drop out, but he tweeted on Wednesday: "Here we come South Carolina!!!"
After cancelling her own campaign trip to South Carolina, Mrs Bachmann, 55, told a news conference on Wednesday: "Last night the people of Iowa spoke with a very clear voice and so I have decided to stand aside."
She said she had "no regrets".
Mrs Bachmann did not endorse another candidate, but said: "I believe that we must rally around the person that our country and our party and our people select to be that standard bearer."
She spoke at length about her reasons for entering the race, denouncing President Obama's healthcare reforms as "left-wing social engineering", which "endangered the very future" of the US.
Mrs Bachmann, who wooed the evangelical Christian vote, was briefly the front-runner of the race in August. But two senior backers left her cash-strapped Iowa campaign a week ago, amid dire opinion-poll ratings.
Before he squeaked to victory by just eight votes, Mr Romney announced another high-profile endorsement, this time from Arizona Senator John McCain, the 2008 Republican nominee.
news source
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