Giuliani, Edwards drop out of race

Today was a big day in politics as contenders in both parties dropped out of the presidential race.

Republican Rudy Giuliani told Florida supporters this morning that he is leaving the race and backing his longtime friend, Republican John McCain. His announcement comes after his third place finish (to McCain and Mitt Romney) in Tuesday's primary in Florida.

In a speech following Tuesday's results, Giuliani implied he would pull out. "I'm proud that we chose to stay positive and to run a campaign of ideas in an era of personal attacks, negative ads and cynical spin," Giuliani said. "You don't always win, but you can always try to do it right, and you did."

Giuliana's adviser, Rep. Peter King, a New York Republican, said he believes the former New York mayor will become "fairly involved" in McCain's campaign.

As of today, McCain said he has not yet spoken to Giuliani; however, he did mention him in his victory speech on Tuesday: "I want to thank my dear friend, my dear friend Rudy Giuliani, who invested his heart and soul in this primary and who conducted himself with all the qualities of the exceptional American leader he truly is."

Meanwhile, Democratic candidate John Edwards also dropped out of contention today, reportedly "so that history can blaze its path" with Barack Obama or Hillary Rodham Clinton heading to the White House.

Edwards said Obama and Clinton will uphold his campaign-long interest in ending the "two Americas" - one for the rich and powerful and the other for everyone else - and both pledged "they will make ending poverty central to their campaign for the presidency."

The former North Carolina senator has not formally endorsed either of the other Democratic candidates, but both Clinton and Obama had words of praise for him.

"John Edwards ended his campaign today in the same way he started it — by standing with the people who are too often left behind and nearly always left out of our national debate," Clinton said of Edwards' speech to pull out of race in hurricane-ravaged New Orleans.

"While his campaign may have ended, this cause lives on for all of us who still believe that we can achieve that dream of one America," Obama said at a rally in Denver.

Although Edwards said he was suspending his campaign, aides said it is legal terminology that will allow him to continue to receive federal matching funds for his campaign donations, despite the fact that he is no longer in contention.

Edwards also ran for president in 2004, but after losing the bid to John Kerry, he became his running mate and the vice presidential hopeful.