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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 coverage: Election 2012

Rebecca Kaplan contributed to this report.

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