Rick Perry to "reassess" campaign

Updated: 12:51 a.m. ET

After a disappointing fifth-place finish in Tuesday's Iowa caucuses, Texas Governor Rick Perry said he is going home to Texas to assess "whether there is a path forward for myself in this race."

"With the voters' decision tonight in Iowa, I've decided to return to Texas, assess the results of tonight's caucus, determine whether there is a path forward for myself in this race," Perry told supporters at the end of the night.

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The candidate, once considered a frontrunner in the race for the GOP nomination, earned just 10 percent on Tuesday's contest with more than 90 percent of the votes counted.

"With a little prayer and reflection I'm gonna decide the best path forward," Perry said.

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"But I wanna tell you, there has been no greater joy in my life than to be able to share with the people of Iowa and of this country that there is a model to take this country forward and it is in the great state of Texas," he added. 

The candidate is still slated to participate in two upcoming Republican debates, but has canceled three days of events in South Carolina. Spokesman Ray Sullivan said the Perry campaign would make no announcements about the future until Thursday at the earliest.

Full CBS News coverage: Rick Perry
Full CBSNews.com coverage: Election 2012

20 Photos

Rick Perry on the campaign trail

Rebecca Kaplan contributed to this report.

[rockychance]

I love good country music and real conservatives but not dumb country music and politicians who are dumber than toast which Perry is.

[psrandy142]

I was at thte caucausus in Des Moines Iowa and I really did think that Rick Perry would do better. I personally have been torn between him and Rick Santorum. After Mr. Perry's comments this morning on the news here that Iowans are "Quirky" and we need to have a "Real" primary, I would say he shot himself in the foot. Some here are very offended by his remarks and others like myself just see it as how ignorant he might be about thinking before he speaks. I know he has had debate problems and such but what would happen with a big error in judgment like that as President. I just think I nor many Iowans now will vote for him at all. He should count his blessing he kissed up and blew smoke to how "Great" the Iowans were and how great of judgment they had before the caucusus. If he had said this last week he wouldn't I am afraid that the "Quirky" Iowans may have placed him even lower.

[spoonie88]

DID ROMEY BEG RICK PERRY TO STAY IN THE RACE TO RUIN SNATORUMS CHANCES IN SOUTH CAROLINA YOU BET HE DID AND PROMISED HIM A PLACE IN THE CABINET TOO I WILL BET!!!!!!!!!!!!!

[cvbnzcgn]

I'll be voting for ANYBODY, but OBAMA !

[spoonie88]

PERRY STAYED IN THE RACE TO AID ROMNEY IN SOUTH CAROLINA AFTER A MIDNITE CALL PROMISING HIM A CABINET POSITON IN ROMNEY ADMIN HE WILL BE SECTY OF DEFENSE

[norcalruss]

to spoonie88 - IOW Perry got nothing because Obama will be re-elected easily against this bunch of losers.

[noloyalisti]

Your brain melts the longer you are a governor of TexAss. It happened with Bushoccio before and now with Perry, etc., etc., etc.

[fredmugs]

He would have won until he started wearing that Brokeback Mountain coat.

[baileyccc]

He should go back to the "Land of Bush" and start a Rock Band and his first solo song should be "I'm a Loser". He has a much brighter future in this field.

[tmn]

Nobody likes a quitter. He should stop his whining and forge ahead, just for the experience. Texas doesn't want him back any time soon, that's for sure...

[Irby32]

Don't come back to TX. Just stay

[poland26]

Lets give Perry Some credit for the ideas of "Part time status and pay for Congress people" and a total change is Needed in how Government is run ! That said he was a poor candidate and his combative attitude was a Huge mistake that reflected poorly on him ! His advisors should be fired and black balled from any future campaigns!!