'This Week' Transcript: Tim Pawlenty and Michele Bachmann

But obviously that message didn't get the kind of traction or lift that we needed and hoped for coming into the and out of the Ames straw poll. We needed to get some lift to continue on and to have a pathway forward. That didn't happen.

So I'm announcing this morning on your show that I'm going to be ending my campaign for president, but I'm very, very grateful for the people of Iowa, the people of this country, who I had a chance to make my case to, and for my supporters and staff and friends who've been so loyal and helpful. I really appreciate all of them.

I wish it would have been different. But, obviously, the pathway forward for me doesn't really exist. And so we're going to end the campaign.

TAPPER: What do you think went wrong? You're a popular two-term governor from a neighboring state. You had a lot of organization. You had some money at one point. Why couldn't you sell the dog food here?

PAWLENTY: Well, I hope it's better than dog food, Jake. It's more...

(CROSSTALK)

TAPPER: The filet, why couldn't you sell it?

PAWLENTY: Well, there's a lot of factors that go into a successful campaign. Obviously, we had some success raising money, but we needed to continue that, and Ames was a benchmark for that. And if we didn't do well in Ames, we weren't going to have the fuel to keep the car going down the road. But also, there's a lot of other choices in the race. And for me, what I brought forward I thought was a rational, established, credible, strong record of results, based on experience governing -- a two-term governor of a blue state. But I think the audience, so to speak, was looking for something different.

TAPPER: Well, that is a question about the -- today's Republican Party. Do you think that they're not looking for somebody that has worked with Democrats? Do you think they're not looking for someone that has results? You've derided those people who are voting for entertainers as opposed to people who can lead. Is that just not what the Republican electorate is looking for right now?

PAWLENTY: Well, I congratulate Congresswoman Bachmann on her victory and, for that matter, Congressman Ron Paul's close second. I mean, those are very impressive numbers. They lapped the field almost. And so congratulations to them.

But, you know, this is a long journey. The party is going to be now more broadly discussing who they want for their candidate, not just in Iowa, but in other places around the country. So we don't know what this ultimately will look like, but what we do know, at least for Ames and for Iowa and for me, is my record of being a two-term governor in a blue state with all the record -- results that I had wasn't sufficient to get us to the next phase.

TAPPER: Well, you raise a good point. This is a long process. And other candidates in previous years have stuck it out, waited for other campaigns to implode or go away. I think that there are a lot of people who wonder if Rick Perry is really all that his -- the hype says he is, that wonder if Congresswoman Bachmann can go the distance. Why not stick it out?

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