WASHINGTON (CNN) - New Mexico Gov. Bill Richardson will quit the race for the Democratic presidential nomination after fourth-place showings in the campaign's first contests, sources said Wednesday.
Richardson, who served as energy secretary and ambassador to the United Nations in the Clinton administration, drew 5 percent of the vote in Tuesday's New Hampshire primary and 2 percent in last week's Iowa caucuses, far behind leading Democrats Hillary Clinton, Barack Obama and John Edwards.
"The numbers are the reason - not enough votes and not enough money," a Democratic strategist involved in the campaign told CNN. However, "He enjoyed it and believes he made a contribution."
A second source close to Richardson confirmed the governor's plans to CNN. His campaign had no comment on the sources' accounts, but the party strategist said a public announcement was planned Thursday in New Mexico.
As of September, Richardson raised about $19 million during his White House bid and had spent about $13 million of that, according to Federal Election Commission records. A year-end report is due at the end of January.
– CNN's John King, Candy Crowley, and Mark Preston