Michele Bachmann to end presidential campaign

Updated at 11:09 a.m. ET

Republican presidential hopeful Michele Bachmann will announce that she's ending her presidential campaign after a dismal showing in the Iowa caucuses, according to an adviser to the congresswoman.

Earlier, a senior Republican official familiar with the congresswoman's plans told CBS News partner National Journal that Bachmann came to the decision to end her run, recognizing that "there was no viable way forward."

Also, Bachmann canceled her campaign trip to South Carolina.

Campaign manager Keith Nahigian tells The Associated Press that the Minnesota congresswoman plans a news conference in Iowa later Wednesday morning. Nahigian would not say whether Bachmann intends to drop out.

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Why Michele Bachmann didn't drop out

Bachmann, 55, told a small group of supporters Tuesday night that she was staying in the presidential race - despite her sixth place finish - as the only true conservative who can defeat President Obama. But her campaign is known to be low on money.

Bachmann's showing was a sharp turn after she finished in first place in the Iowa GOP's summer straw poll.