From CBS News' Ryan Corsaro:
ABOARD THE GIULIANI CAMPAIGN PLANE -- At around 28,000 feet and somewhere over Texas, Rudy Giuliani finally explained what the reality truly was.
Anticipating of his formal announcement of dropping out of the race and endorsing John McCain, Giuliani explained why his strategy for winning the presidency was a failure and what he learned from the experience.
"Obviously the strategy of 'focus on Florida,' 'don't contest in a heavy way the early primaries with the emphasis on Florida,' - obviously the strategy didn't work," Giuliani admitted. "It was in fact, even having said that, the only strategy available to us."
"Could we have done it in a better way? We'll think about that. I don't know the answer to that right now."
Asked about his mood, Giuliani said, "You feel a sadness that it's over because you want to win. And more than that you want to believe that what you can do is exceptional or its unique, that you can provide the kind of leadership that isn't available. So there is a sadness about that."
"I am very proud of the campaign that we ran -- obviously disappointed with the result.
"I believe we have a campaign -- now I am talking about the substance of the campaign -- I think we have a campaign that we can be very proud of."
Although he still plans to continue with some type of role as a public servant and leader, he refused to speculate what that role would be.
"I'm not thinking about public office right now. I never make 'never' statements. I found in life, when you make a never statement, you could still change your mind, but you have it up on YouTube nowadays," said Giuliani. "I am going to take a couple of weeks and Judith and I will figure that out."
"There will be a part of my life in which I am politically active but it wont be as intense as it is now. Most of my life will be private."
Giuliani, who had bet the election on a win in Florida, said there was no way to carry on after his third place showing in that state and even winning some delegates in the future would ultimately hurt the party's current frontrunner.
"It seemed to me there was no question that any number of votes I would have gotten on Super Tuesday would have would have taken substantially away from Senator McCain's votes."
"In my heart, for real, I want John McCain to be the nominee of my party. I believe he would be the best nominee for our party. I believe he has the best chance to win and I believe he will be a great president."
Giuliani could not accomplish the same he achievement he made in becoming a two-term mayor, a U.S. attorney, and an assistant attorney general, but he said he was proud to have tried.
"It was a great honor to run for president of the United States, despite of the result. I learned a tremendous amount from it that I will never forget. I grew as a person in doing it.
"It is a daunting experience that challenges everything about you and it either makes you better or maybe it makes you worse, but I believe it made me better."