New Mexico Gov. Richardson will drop out of '08 race, sources say
(CNN) -- New Mexico Gov. Bill Richardson will quit the race for the Democratic presidential nomination after fourth-place showings in the campaign's first contests, sources said Wednesday.
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A party strategist says "The numbers are the reason" for Richardson's departure -- a lack of votes and money.
Richardson, who served as United Nations ambassador and energy secretary in the Clinton administration, drew 5 percent of the vote in Tuesday's New Hampshire primary.
He received 2 percent in last week's Iowa caucuses, far behind leading Democratic senators Hillary Clinton, Barack Obama and John Edwards.
"The numbers are the reason -- not enough votes and not enough money," a Democratic strategist involved in the campaign told CNN.
However, "He enjoyed it and believes he made a contribution," the strategist said.
A second source close to Richardson confirmed the governor's plans to CNN.
His campaign had no comment on the sources' accounts, but the party strategist said a public announcement was planned Thursday in New Mexico.
As of September, Richardson had raised about $19 million during his White House bid and had spent about $13 million of that, according to Federal Election Commission records.
A year-end report is due at the end of January.
In New Hampshire on Tuesday night, Richardson was looking ahead to the Nevada caucuses on January 19.
"We head out West, and the fight goes on," he told a crowd of cheering supporters. "And we will continue to raise the issue of getting all our troops out of Iraq, and America becoming a clean-energy nation, and getting rid of No Child Left Behind."
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