Former US Vice President Mike Pence has announced his withdrawal from the 2024 presidential race, making him the first major Republican candidate to suspend his campaign. Pence cited a combination of financial difficulties and waning support as the primary reasons for his decision.

Trailing behind former President Donald Trump in the polls, Pence's campaign also struggled with significant debt. As of the end of September, Pence owed $621,000 (£512,038) while having only $1.2 million (£989,446) in the bank, a considerably smaller amount compared to his Republican rivals. These financial constraints likely played a significant role in Pence's decision to withdraw from the race.

Pence's standing within the Republican party has taken a hit following his public divergence from Trump over the Capitol riot on January 6th, 2021. The former vice president faced backlash from many Republican voters when he oversaw the certification of Joe Biden's election results in Congress. Trump himself berated Pence for lacking "courage" when he declined to overturn Biden's victory.

The fallout from the Capitol riot led to a further erosion of support for Pence among Trump loyalists, with some rioters even chanting "hang Mike Pence" during the attack. Since then, many of Trump's staunch supporters have viewed Pence as a traitor. In March, Pence openly expressed concern for his and his family's safety, stating that Trump's encouragement of the rioters had "endangered everyone at the Capitol that day".

Upon announcing his withdrawal, Pence refrained from endorsing any other Republican candidates for the upcoming presidential election, leaving the field open for other contenders to vie for the party's nomination. This decision further underscores the challenges faced by Pence and the unpredictability of the 2024 race for the Republican party.

Pence's withdrawal from the presidential race marks a significant development in the early stages of the 2024 campaign. With financial constraints and diminishing support, the former vice president's departure creates an opportunity for other Republican candidates to gain momentum in their pursuit of the party's nomination. The field is now poised for a new dynamic as the race to the White House intensifies.