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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