Former Virginia Sen. Jim Webb is dropping his bid for the Democratic presidential nomination, according to a report. A spokesperson did not deny to CBS News that Webb will no longer seek the Democratic nomination.

Just a day earlier, the former senator said he was considering running for president as an independent.

Webb has had difficulty gaining traction in the Democratic field, and most polls show him getting 0 to 2 percent support from Democratic voters. He spent much of the first Democratic debate complaining that he wasn't getting enough speaking time, a fact that earned him a lot of negative commentary from the world of social media.

He said at a Council on Foreign Affairs event that the debate was "rigged" because moderator Anderson Cooper "was selecting people to supposedly respond to something someone else said."

The chief rationale for Webb's candidacy has been foreign policy, and he was quick to note that he would not have supported an invasion of Iraq as president. "Nor as a senator would I have voted to authorize it," he said, an unwritten contrast with Hillary Clinton's vote in favor of the war in 2002, when she served as the senator from New York. She has since unequivocally said that she "got it wrong."

Webb raised just $696,972 in the third fundraising quarter, beating only former Rhode Island Gov. and Sen. Lincoln Chafee (who raised $15,458). His campaign has $316,765 in the bank.

Hannah Fraser-Chanpong contributed to this report