From Breitbart:

WASHINGTON (AP) – Former House Speaker Newt Gingrich will not run for president in 2008 after determining he could not legally explore a bid and remain as head of his tax-exempt political organization, a spokesman said Saturday.

“Newt is not running,” spokesman Rick Tyler said. “It is legally impermissible for him to continue on as chairman of American Solutions (for Winning the Future) and to explore a campaign for president.”

Gingrich decided “to continue on raising the challenges America faces and finding solutions to those challenges” as the group’s chairman, Tyler said, “rather than pursuing the presidency.”

Good, now I hope everyone can just shut up about him running. Every show he’s on they fawn over and him and want to know.

He doesn’t need to get in this race, his time is past.

Just last week, Gingrich said he had given himself a deadline of Oct. 21 to raise $30 million in pledges for a possible White House bid, acknowledging the task was difficult but not impossible.

He abruptly dropped the idea Saturday, apparently unwilling to give up the chairmanship of American Solutions, the political arm of a Gingrich’s lucrative empire as an author, pundit and consultant.

Or perhaps he didn’t come anywhere close to securing $30 million in donations. Therefore, it’s easier to say he doesn’t want to abandon his post as chairman of American Solutions.

Just a thought.

Update

Here’s video of Newt discussing his decision not to run with Julie Banderas on Fox News:

Plus: He says no to the VP slot.