Update (11:30 a.m. EST): It's official. Bachmann said: "Last night, the people of Iowa spoke with a clear voice, and so I have decided to stand aside."

Update (11:25 a.m. EST): Bachmann has taken the stand at her press conference, railing against Obamacare and saying, "A congressman by title, a poiltician I never have been and never hope to be." Check the live feed:

Update (10:30 a.m. EST): The National Journal is now reporting that Bachmann is "suspending her campaign," and "effectively dropping out."

Update (10:22 a.m. EST): Bachmann "doesn’t see a way forward in her campaign for the GOP nomination for president and will make an announcement to that effect this morning," the National Journal reports, quoting a  "senior Republican official with direct knowledge of the lawmaker's plans." Things do seem to be looking grim for Bachmann's presidential aspirations.

Original: Michele Bachmann, who took sixth place in Tuesday's Iowa caucuses, appears to be having second thoughts about the rest of the race. She's canceled a planned trip to South Carolina and instead will make some kind of announcement at 10 a.m., Iowa time. At ABC, The Note is reporting that "speculation is running high that she cut short her presidential bid," even though she "promised to soldier on." That presser won't be until 11 a.m., EST, which is plenty of time for rumors to seep out. We'll let you know if they do.

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Adam Martin