Gingrich: Yep, I'm Out Newt formally bows out of 2012 presidential race By John Johnson, Newser Staff Posted May 2, 2012 2:39 PM CDT 61 comments Comments In this April 25 file photo, Newt Gingrich speaks in Cramerton, N.C. (AP Photo/Chuck Burton) (Newser) – Newt Gingrich spoke the words today: "I am suspending the campaign." And with that, he formally dropped out of the 2012 race, reports AP. Gingrich said it had been an "amazing year" for him and Callista, and he pledged to stay involved in national issues. "I'm cheerfully going to take back up the issue of space," he said. Also on the horizon: paying off $4.5 million in campaign debt. Gingrich earlier said he expected Mitt Romney to win this year and in 2016, meaning he thinks he's out of the presidential running for good.