The former Massachusetts governor explains his decision to drop out of the race:

I hate to lose. My family, my friends and our supporters… many of you right here in this room… have given a great deal to get me where I have a shot at becoming President. If this were only about me, I would go on. But I entered this race because I love America, and because I love America, I feel I must now stand aside, for our party and for our country.

Over the next few months, there will be a subtle dance between John McCain and Mitt Romney on the subject of the vice presidency. Romney must and should want it, since being the vice presidential nominee of the GOP will instantly make whoever is chosen one of the party’s leaders no matter what happens in the election (unless he embarrasses himself). But McCain seems not to like Romney, and he is an unusually personal politician — I suspect it will be difficult for him to choose someone whom he won’t consider a friend. Still, Romney does have strengths McCain does not, particularly on economic issues. But there is that big, overhanging, difficult-to-answer question: How many votes would his being a Mormon cost the ticket? Condemn me for raising it if you like, but you can be sure it will be part of any deliberation involving the selection of Romney for the Republican ticket.