SBTPS

With the South Carolina primary set for Saturday and his prospects fading quickly, Rick Perry has decided to step out of the race for the GOP nomination for President in 2012. CNN is reporting that Perry will hold a press conference at 11AM on Thursday in South Carolina to formally announce his decision and to endorse former House Speaker Newt Gingrich.

In South Carolina, Gingrich has managed to mount a challenge to Mitt Romney, although Romney still holds a significant lead in the polls. Perry’s donors had recently given indications that they saw the writing on the wall and that the Texas Governor was not going to be in a position to capture the GOP nod.

After strong showings in Iowa and New Hampshire, Romney brought plenty of momentum and a huge war chest into South Carolina. But recent questions about Romney’s business dealings as well as his personal wealth and savvy tax avoidance have drawn the suspicions of wary voters. At a time when many voters are increasingly concerned about the cozy relationship between big business and big government, Romney seems to represent the worst case scenario.

But even with the recent dents to Romney’s image, it seems like his is going to be the only campaign that is going to be able to sustain a strong run throughout the primary season. Romney is the candidate who appeals to those who are holding onto a traditional view of government as primarily benevolent and well-meaning. Newt Gingrich’s supporters fall into the same broad category, but with slightly different values. It will be interesting to see if any of the GOP candidates will generate the broad-based appeal required to topple President Obama in 2012.