From the Associated Press:

Former Virginia Gov. Jim Gilmore ended his long-shot campaign for presidency on Saturday, acknowledging he couldn’t raise enough money.

The former Republican National Committee chairman is the first of the 10 GOP presidential candidates to drop out. He barely registered in the polls, and his latest financial disclosure report showed him with about $90,000 in cash on hand.

Statement from Gov. Gilmore
Saturday, July 14, 2007 – Gilmore for President
Statement from former Virginia Governor Jim Gilmore

I am today withdrawing my candidacy for the Republican nomination for President. It has been a positive and rewarding experience for me, for my family, and for my supporters.

It has become apparent to me that the combination of my late start, and the front loaded nature of the primary schedule, have made it impractical to continue to pursue this path towards further public service.

I am proud of the fact that my campaign focused on the issues, worked hard to block amnesty for illegal immigrants, brought attention to the need to protect private property rights, and called for a new path in Iraq that would provide our valiant military men and women with a more clearly defined and achievable mission.

However, I have come to believe that it takes more than a positive vision for our nation’s future to successfully compete for the Presidency. I believe that it takes years of preparation to put in place both the political and financial infrastructure to contest what now amounts to a one-day national primary in February.

In the coming weeks and months, I intend to remain active in the Republican Party and in the public debate. I will be forming a state political action committee to assist Republican candidates in the General Assembly. Additionally, I will be actively looking for other opportunities to continue in public service in the Commonwealth of Virginia.