Minnesota Congresswoman Michele Bachmann has announced that she is quitting the presidential race after a dismal sixth place finish in the first Republican nominating contest in Iowa.

It was when she won a Republican straw poll in Iowa in August 2011 that she commenced her shot at the presidency. But soon her campaign began to lose support to finally end with a last place finish in the Iowa caucuses.

“Last night, the people of Iowa spoke with a very clear voice,” Bachmann said. I have decided to stand aside, Bachmann added in the news conference after the caucus results were announced. I will not be continuing in this race for the presidency, she said. “I ran because I believe that since Day 1, Barack Obama's policies, based on socialism, are destructive to the very foundation of the republic,” she continued.

Earlier, former Massachusetts Governor Mitt Romney beat former Pennsylvania Senator Rick Santorum by only eight votes in Iowa, which was the first state to go to vote on who will be the Republican Party's presidential candidate.

Check out the video of Bachmann's address.