Senator Rand Paul drops out of presidential race

Lexington, Ky. – Kentucky U.S. Senator Rand Paul has dropped out of the 2016 presidential race, his campaign office announced Wednesday morning.

The news comes after Sen. Paul placed fifth in the Republican Iowa caucus Monday evening.

“Although, today I will suspend my campaign for President, the fight is far from over. I will continue to carry the torch for Liberty in the United States Senate and I look forward to earning the privilege to represent the people of Kentucky for another term,” Sen. Paul said in a statement.

Sen. Paul is seeking re-election to the Senate later in November, where he will face Democratic challenger Lexington Mayor Jim Gray.

Last year, Sen. Paul gave the Kentucky Republican party $250,000 to help pay for a state caucus this March, instead of a traditional primary. The caucus allowed Paul to circumvent a state law prohibiting a candidate from running for two federal offices on the same ballot – in Paul’s case, Senate and President.

According to data from the Federal Election Commission, Sen. Paul received over $350,000 in campaign donations from Kentuckians – more than any other presidential candidate. Hilary Clinton was second with nearly $295,000.