Tim Pawlenty is dropping his bid for president

One day after the GOP presidential field increased by one with the announcement that Rick Perry was running for the nomination, Tim Pawlenty of Minnesota has decided to drop his bid to become president.

The Associated Press wrote:

He had spent roughly two years laying the groundwork for his 2012 campaign and had hoped to become the alternative to the national front-runner, former Massachusetts Gov. Mitt Romney.

But this summer he unexpectedly found himself in a grudge match with Minnesota Rep. Michele Bachmann, who shot to the top of polls in Iowa after getting into the race. Pawlenty struggled to raise money and connect with voters.

Politico is reporting that Pawlenty decided his poor showing at the Iowa Straw poll on Saturday will end his campaign.