NPR's Elizabeth Arnold reports that Texas Sen. Phil Gramm announced today that he would end his bid for the Republican presidential nomination after placing fifth in Monday's Iowa caucuses. Gramm's bid for the presidency was marked by an impressive fundraising and organizational effort, but his fiscally and socially conservative message never struck a chord with many voters. The question now is where his supporters will go -- to Pat Buchanan, who is expected to attract many of the social conservatives who backed Gramm, or to Bob Dole, who has a similar committment to balancing the federal budget.
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