LAKE JACKSON, Texas – Ron Paul told supporters Monday that he is suspending his campaign for president because he doesn’t have enough money to compete against Mitt Romney.
"Our campaign will continue to work in the state convention process. We will continue to take leadership positions, win delegates, and carry a strong message to the Republican National Convention that Liberty is the way of the future," Paul said in an email posted on his website.
Paul said he will no longer actively campaign in primaries in states that have not yet voted, including Texas.
"Doing so with any hope of success would take many tens of millions of dollars we simply do not have," he wrote.
Paul was the last man standing between Mitt Romney and the GOP nomination for president.
Mitt Romney is 178 delegates shy of the 1,144 needed to capture the nomination, and Paul faces an all-but-impossible task of catching him. Paul's supporters have been causing trouble at local delegate selections but are unlikely to derail Romney's route.
Paul, a longtime congressman, is not running for another term to represent his Texas district.