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Paul to Stop Actively Campaigning for GOP Presidential Nomination

Texas Congressman Ron Paul has announced he will stop actively campaigning for the Republican presidential nomination, saying that doing so requires "tens of millions of dollars we simply do not have."

Ron Paul speaks at a Tea Party rally at the Texas Capitol on May 6, 2012.

Republican presidential candidate and U.S. Rep. Ron Paul announced in statement released Monday announced that he would stop campaigning in states that have not yet voted.

“Doing so with any hope of success would take many tens of millions of dollars we simply do not have,” he said.

Paul's statement reads like a notification of the end of his campaign. In it, he reflects on his campaign, saying he is "proud of what we have accomplished." He also said his campaign is about "more than just the 2012 election." The 12-term congressman from Lake Jackson, who is not seeking re-election to his seat, said he wouldn’t stop trying to influence the Republican National Convention in August.

"We will continue to take leadership positions, win delegates, and carry a strong message to the Republican National Convention that liberty is the way of the future," he said.

Paul has yet to win a state primary or caucus. Paul’s statement did not mention Mitt Romney, the presumptive Republican nominee, whose delegate count totals 966 — 1,144 clinches the nomination — compared with Paul’s 104, according to the Associated Press.

Paul urged supporters to support candidates in local, state and congressional elections.

“In the coming days, my campaign leadership will lay out to you our delegate strategy and what you can do to help, so please stay tuned,” he said.

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