Rick Perry To Suspend His Campaign Soon

The GOP race is getting very small very quickly. Jon Huntsman dropped out a couple of days ago and now Rick Perry is dropping out too: 

Rick Perry is telling supporters that he will drop his bid Thursday for the Republican presidential nomination, two sources familiar with his plans told CNN.

The Texas governor will make the announcement before the CNN debate in South Carolina, the sources said.

The official announcement is expected to be aired on television within the next hour. However, the big question is who will he endorse? Will it be Rick Perry or Newt Gingrich? Apparently he's set to endorse Newt:

Perry will also endorse former House Speaker Newt Gingrich, who appears to be gaining momentum in South Carolina. The endorsement could give Gingrich a critical boost just two days ahead of the Palmetto state primary. 

Rick Perry's suspending his campaign will affect the race. Newt Gingrich will get a bump in the polls but it will not be enough to catch up to Mitt Romney who has a significant lead in South Carolina.