Last night, after finishing 5th in the Iowa caucus with ten percent of the vote, Texas governor Rick Perry said he was going back home to reassess whether he would stay in the presidential race. "I've decided to return to Texas, assess the results of tonight's caucus, determine whether there is a path forward for myself," Perry said.

Now that Michele Bachmann has withdrawn from the race, however, it appears that Perry is staying in and will compete in South Carolina. Perry just tweeted: "And the next leg of the marathon is the Palmetto State...Here we come South Carolina!!"

And National Journal reports:

Texas Gov. Rick Perry will stay in the race despite his weak showing in Iowa, according to a senior Republican official who spoke on condition of anonymity. The official said Perry will take a couple of days off in Texas and then head to New Hampshire for two weekend debates.

The South Carolina primary will be held on January 21, more than a week after New Hampshire's, which will be on January 10.

UPDATE: Perry confirms that he's staying in the presidential race. The Austin American-Statesman reports:

I re-assessed,” Perry said as he left his West Des Moines hotel at about 11:30 a.m. Wednesday. “We’re headed to New Hampshire and South Carolina.” . . .

“It’s clearly there,” Perry said. “South Carolina is a place where I feel very comfortable that the values and the people and the time that we spent there. We’re going to give the people of South Carolina, New Hampshire and America a choice in this election.”

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