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WASHINGTON - Republican Mitt Romney bowed out of the 2016 US presidential race on Friday after considering a third run, and told supporters it was time for the next generation of party leaders to seek the White House.

Romney's decision will probably boost the fortunes of former Florida Governor Jeb Bush, a probable presidential candidate who, like Romney, is widely viewed as representing the Republican establishment.

Many who had raised money for Romney were already looking elsewhere, concerned that the former Massachusetts governor did not make sufficient changes from his 2012 campaign, when President Barack Obama defeated him.

"After putting considerable thought into making another run for president, I've decided it is best to give other leaders in the party the opportunity to become our next nominee," Romney said in a statement he read to supporters in a conference call from New York.

Romney told a private donors meeting in New York three weeks ago that he was considering jumping into the race. On Friday, he sounded reluctant to bow out.

The reaction to his potential candidacy was both surprising and heartening, he said, noting that he was leading in many national polls as well as in key swing states.

"So I am convinced that we could win the nomination, but fully realize it would have been difficult test and a hard fight," Romney said.

In his statement, Romney said he still believed he would have the best chance of beating the eventual Democratic nominee because of his message of "making the world safer" and improving the US economy for the middle class.

But he said he did not want to make it more difficult for someone who might have a better chance of getting elected.

"I believe that one of our next generation of Republican leaders, one who may not be as well known as I am today, one who has not yet taken their message across the country, one who is just getting started, may well emerge as being better able to defeat the Democrat nominee," he said.

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Republican Romney opts out of a 2016 run for US president

InterAksyon.com The online news portal of TV5

WASHINGTON- Republican Mitt Romney bowed out of the 2016 US presidential race on Friday after considering a third run, telling supporters it was time for the next generation of party leaders to seek the White House.

Romney's decision helps clarify an emerging Republican field split between potential establishment candidates like former Florida Governor Jeb Bush and conservative voices represented by Texas Senator Ted Cruz and former Arkansas Governor Mike Huckabee.

The move will likely boost Bush, the brother of former President George W. Bush and son of former President George H.W. Bush, even though Romney has privately made known to aides he is not convinced that Bush can defeat Hillary Clinton if she becomes the Democratic presidential nominee.

But Romney's decision also helps other potential candidates such as Florida Senator Marco Rubio, who was on Romney's vice presidential short list in 2012; Wisconsin Governor Scott Walker and New Jersey Governor Chris Christie, all of whom will have a better chance for money and media attention with Romney on the sidelines.

The former Massachusetts governor felt he would win the Republican presidential primary, a former adviser said. But Romney did not think he would present a sufficient "new versus old" contrast for the battle against Clinton, the former first lady, New York senator and secretary of state, who is the early favorite for the Democratic nomination.

"He thinks Jeb would be a perfectly credible nominee but that there are others who might be able to hold up that 'new versus old' banner a little better," the former adviser said, speaking on condition of anonymity.

Romney, the 2012 Republican nominee, announced he would not run in a statement he read to supporters in a conference call from New York.

"After putting considerable thought into making another run for president, Ive decided it is best to give other leaders in the party the opportunity to become our next nominee," Romney said in his statement.

He made clear he felt he would be able to raise enough money for a campaign, rejecting a narrative that has grown in recent days as some major 2012 fund-raisers expressed concern about another Romney run.

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Republican Mitt Romney opts out of 2016 run for president

News alert: REPUBLICAN MITT ROMNEY SAYS HE WILL NOT RUN FOR U.S. PRESIDENCY IN 2016 - ROMNEY STATEMENT

This is a breaking news story. Check back for updates.

Republican Mitt Romney is to give an update to his supporters on Friday on whether he should run for president a third time in 2016 amid signs he has yet to convince some financial backers as to why he should take the plunge again.

A former staffer, who asked to remain unidentified, said a conference call with Romney was expected to be held at mid-morning on Friday, and that he might give a signal as to which way he was leaning.

Romney for the past three weeks has been seeking traction for another presidential run after he was defeated by Democratic President Barack Obama in 2012.

On Wednesday, he visited Mississippi State University in Starkville, Mississippi, and in a closely watched speech, he emphasized a commitment to tackle poverty in America, a correction from his 2012 candidacy when he was dragged down by his wealthy image.

Some of the people who raised money for Romney, seeing no dramatic change from 2012 as yet, are so far inclined to move on to other potential candidates like former Florida Governor Jeb Bush.

This is presenting Romney with a dilemma should he decide to leap into the fray again against what is expected to be a crowded field.

The problem is many of Romney's supporters believed him when he vowed many times over the last two years that he would not run again, and they started looking elsewhere.

Theresa Kostrzewa, a Raleigh, North Carolina, Republican who raised money for Romney in 2012, said she had wanted to hear a statement from Romney that he had learned from his mistakes in 2012 and would run a different campaign.

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Romney says he will not run for president in 2016

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