Newt Gingrich can now call himself a former presidential candidate.

As expected, the former House speaker has bowed out of the Republican presidential contest just short of a year after he got into the race. He says it was "an amazing year" for him, his wife, Callista, and his entire family.

After losing contests in five states last week, Gingrich said it was clear that Romney would be the nominee and he signaled that his topsy-turvy campaign had reached its end.

Gingrich now has the added challenges of rebuilding his image as a one-man GOP idea machine and paying off at least $4.5 million in campaign debt.

Joined by his wife, he made the announcement at an Arlington, Va., hotel, across the river from Washington.