Tim Pawlenty Drops Out of Presidential Race [VIDEO]

AMES, Iowa -- Tim Pawlenty has dropped out of the race for President.

The former Minnesota Governor took a distant third place in the Iowa straw poll Saturday, finishing with 14% of the vote behind Minnesota Congresswoman Michele Bachmann (29%) and Congressman Ron Paul (28%).

Pawlenty told ABC's Jake Tapper on "This Week" that he no longer had a path to victory. Pawlenty says his campaign needed to see a boost from the Ames campaigning, and that didn't happen.

Pawlenty would not endorse any other candidate.  When pushed on whether Congresswoman Michele Bachmann was qualified to be President, Pawlenty said she was, but that Bachmann would have to convince the American people to vote for her.

Pawlenty said he had no immediate plans other than he and his wife Mary taking their daughter to college.