Rick Perry will drop out of the presidential race today, CNN is reporting, citing sources.
Perry, who entered the race in August amid much fanfare and quickly shot to the top of the polls, soon collapsed after a series of bumbling debate performances.
On paper, his exit should benefit Newt Gingrich -- who has been hoping to narrow down the field to consolidate support of the "anti-Romney" vote in South Carolina. However, his numbers had already dwindled into the single digits anyway, so there was little remaining support.
UPDATE: Politico now reporting that he'll drop out at an 11 a.m. press conference and endorse Gingrich, something that Red State's Erick Erickson called for yesterday. Beyond whatever few percentage points in may win for Gingrich, it gives him an edge over Rick Santorum in vying to be the consensus conservative alternative to Romney.