New Mexico Governor Bill Richardson has decided to drop out of the Democratic Presidential candidate race after a disappointing fourth place finishes in the Iowa caucuses and New Hampshire primaries.

A source close to Richardson told CNN he will make an official announcement of his resignation of the race on Thursday.

Elected as Governor of New Mexico in 2002, he previously served as a US Representative, an Ambassador to the United Nations and as US Secretary of Energy.

When elected, Richardson was the only Hispanic Governor in the United States.

During his term as Governor, Richardson has supported LGBT rights, opposed the military’s “Don’t Ask, Don’t Tell” policy and added sexual orientation and gender identity to New Mexico’s list of civil rights categories.

Richardson announced his intention to run for President in January of 2007. Although he campaigned strongly in Iowa and New Hampshire, he only managed to place fourth in both races, behind Barack Obama, Hillary Clinton and John Edwards.

A Democratic strategist told CNN on Wednesday Richardson plans to formally withdraw from the Presidential race this week.

“The numbers are the reason – not enough votes and not enough money,” the strategist told CNN, however, “He enjoyed it and believes he made a contribution.”

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