U.S. Republican presidential candidate Rand Paul suspended his 2016 campaign on Wednesday, he said in a statement two days after the Iowa caucuses.

The U.S. senator from Kentucky, a libertarian-leaning candidate, finished in fifth place in Iowa with 4.5 percent.

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"It's been an incredible honor to run a principled campaign for the White House. Today, I will end where I began, ready and willing to fight for the cause of Liberty," Paul said in a statement.