Republican Romney pulls out of White House race

Romney's decision leaves McCain as the top man standing in the Republican race, with Mike Huckabee far behind in the contest.

"I must now stand aside, for our party and our country," Romney said announcing his decision at the Conservative Political Action Conference in Washington.

"If I fight on in my campaign, all the way to the convention, I would forestall the launch of a national campaign and make it more likely that Senator Clinton or Obama would win," he said.

Romney decided to quit the race after losing considerable ground to McCain in the Super Tuesday primary contests.

In his speech, Romney said his decision was based on his fears that a divided Republican party would allow the Democrats - either Barack Obama or Hillary Clinton - to win in 2008.

Romney, who spent millions of dollars of his own money on the campaign, said the decision had not been an easy one.

"This is not an easy decision for me. I hate to lose. My family, my friends and our supporters... many of you right here in this room... have given a great deal to get me where I have a shot at becoming President. If this were only about me, I would go on. But I entered this race because I love America, and because I love America."