Republican Presidential candidate Senator Rand Paul announced on Wednesday that he is dropping out, following a disappointing Iowa caucus for the libertarian Tea Partier.

"It's been an incredible honor to run a principled campaign for the White House," said Paul. "Today, I will end where I began, ready and willing to fight for the cause of Liberty."

Senator Paul has a strong base of support, and a lot of carry-over from his father's loyal base, but was not able to put together enough to compete in this dramatically different primary race. 

Paul has always been considered part of the Tea Party wave in Washington, much like Senator Rubio and Senator Cruz. Dr. Ben Carson's support also comes broadly from the Tea Party wing of the base. That libertarian and traditional conservative vote has been divided. Meanwhile, the populists and nationalists have gathered under non-traditional, non-conservative, non-Tea Party candidates like the more corporate-minded Donald Trump, whose enthusiastic support for government power such as eminent domain is normally anathema to Republican voters. All of which makes it a complicated field for the candidate with the most libertarian point of view, but also the one least activist in foreign policy.

Sen. Paul is currently and will continue to run for reelection to the Senate in November.