(CBS News) - Kamala Harris is ending her presidential bid and suspending her campaign. In a statement Tuesday afternoon, Harris explained she did not have enough funding to continue her run for the White House. Calling it "one of the hardest decisions of my life," and one she had made over the last few days, Harris said, "My campaign for president simply doesn't have the financial resources we need to continue. I'm not a billionaire. I can't fund my own campaign. And as the campaign has gone on, it's become harder and harder to raise the money we need to compete."
She continued, "In good faith, I can't tell you, my supporters and volunteers, that I have a path forward if I don't believe I do. So, to you my supporters, it is with deep regret -- but also with deep gratitude -- that I am suspending my campaign today."
Harris informed her staff Tuesday of her decision to suspend her campaign. She is expected to post a video announcement soon.
Primary opponent Joe Biden responded to the news of her departure from the race by calling her a "first-rate intellect," a "first-rate candidate, and "a solid, solid person" who is "loaded with talent."
In early November, Harris cut all of her field organizers in New Hampshire and shuttered her field offices there in order to focus her efforts in Iowa. At the time, she told CBS News she was "all in" on winning the Iowa caucuses and predicted she would "do very well" in the first contest of the 2020 Democratic presidential primary. Before the November debate, Harris had 131 staffers and 17 field offices in the state, and had spent 45 days in Iowa.
Harris’ husband tweeted a note of support for his wife.
This is a developing story and will be updated.
Bo Erickson and Adam Brewster contributed to this report.