Update: Rep. Michele Bachmann (R-MN) announced on Wednesday morning that she would suspend her presidential campaign. More soon...

Following her poor finish in the Iowa caucuses, Rep. Michele Bachmann (R-MN) on Wednesday canceled a campaign event in South Carolina and scheduled a press conference instead.

Campaign manager Keith Nahigian refused to tell The Associated Press if the tea party favorite would drop her bid for the Republican presidential nomination.

Bachmann finished fourth place in the Iowa caucuses Tuesday, ahead of former Utah Gov. Jon Huntsman, who essentially did not campaign in the state.

Both former campaign manager Ed Rollins and Fox News contributor Sarah Palin have said that it's time for the Minnesota Republican to throw in the towel.

But in her campaign speech Tuesday night, the candidate refused to concede.

"In 2012, there could be another president in the White House," Bachmann said. "Who knows? There could be another Michele in the White House."

Update: A source within the Bachmann campaign told CNN: "She deserves the chance to say this in her own words but it's safe to say, we don't see a viable way forward."

Update (12 p.m. ET): Rep. Michele Bachmann (R-MN) ended her quest for the presidency of the United States Wednesday after coming in nearly last in the Iowa caucuses.

While the candidate vowed to press on during her election-night speech, she was singing a different tune at a press conference the next morning.

"Last night, the people of Iowa spoke with a very clear voice," she said. "And so, I have decided to stand aside."

"I have no regrets, none whatsoever," the former candidate added. "We never compromised our principles. And we can leave this race knowing that we ran it with utmost integrity."

"I'm grateful to have been a part of this presidential campaign. And so I thank you, and I say God bless you and God bless the United States of America."

With that, Bachmann left the stage to the tune of "Hey, Soul Sister," a song that the Village Voice Music Critic Maura Johnston and Spin Senior Editor Christopher Weingarten say "lowered the bar for blowjob references on pop radio."

Watch this video from CNN, uploaded Jan. 4, 2012.