Hours after word that John Edwards is out of the hunt for the White House, former New York Mayor Rudy Giuliani also announced that he has dropped out of the race to become the next president of the United States.

Once the favorite to win the Republican nomination, Giuliani withdrew on the heels of a bitter defeat in Florida. He will offer his full endorsement to close friend, Sen. John McCain.

"Today I am officially announcing my withdrawal as a candidate for president of the United States," Giuliani said today at the Ronald Reagan presidential library. "John McCain is the most qualified candidate to be the next commander-in-chief of the United States."

Giuliani chose to focus his campaigning efforts on producing a strong showing in Florida, the state with the fourth highest population and the highest of early primaries, rather than working in earlier states.

Despite his efforts in the Sunshine State, he finished in disappointing fashion barely ahead of Mike Huckabee.

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Florida Primary Results

With Giuliani now out of the picture, Huckabee, McCain, Mitt Romney and Ron Paul close out the Republican ballot.

According to sources at CNN, California Gov. Arnold Schwarzenegger will also announce his endorsement of McCain now that Giuliani is out of the race. 

With Super Tuesday less than a week away, Giuliani's absence and the new endorsements of McCain could be enough to push the Arizona senator to the Republican nomination.