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MIAMI (CBSMiami) — Kentucky Sen. Rand Paul has decided to suspend his run for president, according to a statement released by his campaign Wednesday.

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Paul becomes the third candidate to drop out of the race following the Iowa caucuses. Former Gov. Mike Huckabee (R-Ak) and former Gov. Martin O’Malley (D-Md) both dropped out this week.

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Paul took about 5 percent of the vote in Iowa, finishing in fifth place.

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According to CBS News’ battleground tracker, Paul was polling at just 3 percent in New Hampshire, the next nominating contest for the Republican party.