Tancredo Bails

The Associated Press reports Republican Colorado Congressman Tom Tancredo, plans to announce he is abandoning his presidential campaign:

The five-term Colorado congressman planned to make the announcement at a news conference in Des Moines, Iowa, on Thursday, the person said, speaking on condition of anonymity because they were not authorized to speak for Tancredo or his campaign.

Tancredo's campaign would only say he planned a "major announcement" Thursday.

Tancredo announced in October that he would not seek a sixth term in Congress, but he may run for the Senate next year when Republican Wayne Allard retires.