Minnesota Rep. Michele Bachmann had predicted there would a “surprise” during the Iowa caucuses, suggesting that she would prevail on that critical night against all odds. Instead, she’s the one who got the surprise when she came in last during the key event.

After her disappointing loss, Bachmann canceled plans to travel to South Carolina, another critical early primary state, and a senior campaign aide announced Wednesday morning that she will "suspend" her campaign. It is a phrase frequently used, but the conventional wisdom is that Bachmann has finally read the writing on the wall and realizes she will not be able to reclaim the momentum she gained earlier on in the race when she won Iowa’s Ames straw poll. Rival Texas Gov. Rick Perry also is reconsidering whether to continue his bid after experiencing a big loss in Iowa Tuesday night.