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Mike Huckabee suspends his presidential campaign

Former Arkansas Gov. Mike Huckabee on Monday night announced that he is dropping out of the 2016 presidential race.

About two and a half hours after the Iowa caucuses began, Huckabee shared his decision on Twitter.

With nearly all of the GOP vote in, Huckabee only received about 2 percent of the vote. In 2008, he won the Iowa caucuses, but did not secure the Republican nomination.

In December, Huckabee said he would drop his presidential bid unless he places third or higher in the Iowa caucuses.

CBS News has projected that Sen. Ted Cruz, R-Texas, has won, followed by Donald Trump and Sen. Marco Rubio, R-Florida.

On the Democratic side, former Maryland Gov. Martin O'Malley was also expected to announce Monday night that he is suspending his presidential campaign.

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