Only 12 hours after a disappointing showing in the Iowa Straw Poll, Tim Pawlenty is dropping his bid for the Republican presidential nomination.

"There is a lot factors that go into a successful campaign, obviously," Pawlenty told ABC News Sunday. "We had some success raising money, but we needed to continue that and Ames was a benchmark for that. And if we didn't do well in Ames, we weren't going to have the fuel to keep the car going down the road.

"But, also, there is a lot of other choices in the race. For me, what I brought forward I thought was a rational established, credible, strong record of results based on experience, governing two term governors of a blue state. But I think the audience, so to speak, was looking for something different."

Watch this video from Fox News' Fox & Friends, broadcast Aug. 14, 2011.

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