At 2:15 am Eastern Time, Fox and CNN said they had confirmed with multiple sources that Mitt Romney would be named the winner of the Iowa caucus by 14 votes, based on an agreement between the two campaigns’ observers at a precinct in Clinton County, Iowa.
Meanwhile, CNN reported that Ron Paul, who has 21% of the vote, finished third, while Newt Gingrich came up 4th at 13%.
Texas Gov. Rick Perry, who ran fifth at 10%, said late Tuesday that he would return to Texas to consider whether his campaign would continue.
Rep. Michele Bachmann of Minnesota had 5% and former Utah Gov. Jon Huntsman had 1%.
Paul, speaking in Iowa late Tuesday, praised his supporters for a "fantastic showing" and claimed that he and the top two were the caucuses' "three winners."
"I think that we are at the beginning of an extraordinarily important campaign," Gingrich told his supporters in Des Moines. "The goal of the campaign has to be to replace Barack Obama, but there will be great debate in Republican Party before we are prepared to have a great debate with Barack Obama."
Bachmann, who had hoped for better in Iowa, where she grew up and finished first in a GOP straw poll in the summer before dropping in the polls, also indicate her campaign would continue. Bachmann also added that she is "not a politician."
Jon Huntsman, a former U.S. ambassador to China, hasn't been competing in Iowa, choosing instead to focus efforts on New Hampshire, site of the first primary, set for January 10.