[Update: Walker formally announced he’d drop his 2016 bid on Monday afternoon. Read our story on his announcement here.]

Gov. Scott Walker formally drops out of 2016 presidential race

Gov. Scott Walker is expected to back out of the race for the Republican presidential nomination, sources close to his campaign disclosed to The New York Times Monday.

Walker will hold a news conference at 5 p.m. at the Edgewater Hotel in Madison. His campaign did not reveal specifics on what he would be addressing.

Walker’s poll ratings — which not long ago were the highest in Iowa among the GOP field — have dropped in recent weeks.

Donors have also publicly expressed concerns over his campaign and were hoping for a strong debate performance from him last week.

Most pundits, however, agreed Walker didn’t meet those expectations. After the debate, Politico wrote Walker’s campaign was on “life support.”

“The short answer is money.” @alexburnsNYT @patrickhealynyt on Scott Walker dropping out of 2016. http://t.co/n1SFd14VqJ

— Ashley Parker (@AshleyRParker) September 21, 2015