Update at 11:29 p.m. ET. 'People Of Iowa Spoke':
Saying "the people of Iowa spoke with a very clear voice," Michele Bachmann announced she was ending her bid to become the Republican nominee for president.
Bachmann started her announcement with a litany of grievances against President Obama. She said she was inspired to run for president the day Obama passed his healthcare reform.
She knew, she said, that "Obamacare endangered the very survival of the United States of America."
She said she ran on the platform to repeal the healthcare bill, as well as the financial reform bill called Dodd-Frank.
"I decided to stand up and fight and I will continue fighting against" the president and "socialism," she said.
Our Original Post Continues:
The Associated Press is reporting that Rep. Michele Bachmann has canceled a campaign trip to South Carolina. Bachmann ended last night with just 5 percent of the vote, ahead of only Jon Huntsman, who didn't compete in the state.
Bachmann campaign manager Keith Nahigian would not tell AP whether Bachmann intends to drop out.
NBC News' James Novogrod reports on Twitter that Bachmann has also scheduled a press conference for 11 a.m. ET.
As we noted earlier, during a speech last night, Bachmann said she was staying in the race.
"I believe that I am that true conservative who can and who will defeat Barack Obama in 2012," she said, according to the AP. "What we need is a fearless conservative, one with no compromises on their record on spending on health care, on crony capitalism, on defending America, on standing with our ally Israel."
Last night, Sarah Palin told Fox news that Bachmann should drop out, along with Huntsman. Palin stumped for Bachmann in 2010, when she was seeking re-election to Congress.
We'll have more on this story as it develops.