In a new conference in Arlington, Virginia, Newt Gingrich officially dropped out of his presidential bid.  This was expected of him following plunging polls, cutting staff and not properly campaigning for a couple weeks.  His campaign has also fallen into debt reaching $4.3 million.  Newt lost in five states last week and said it was clear; Mitt Romney would be the nominee. Newt is expected to endorse Romney in the upcoming weeks.