Cain Suspends Presidential Campaign

ATLANTA (TheStreet) -- Republican presidential hopeful Herman Cain Saturday said he was suspending his campaign because it had been negatively affected by allegations of sexual harassment and an extramarital affair.

In a speech to supporters, Cain called the allegations "false" and "unproved," but he said they had hurt his family and hindered his campaign's ability to raise money.

Cain said that while he was suspending his "plan A" of becoming president, he would now turn to "plan B," in which he will "continue to be a voice" for the American people and continue to promote his 9-9-9 tax plan.

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Observers had expected Cain to drop out of the race for the GOP nomination after he said earlier this week that he was "reassessing" his candidacy in the wake of the allegations.

Cain's absence may hurt the campaign of Republican frontrunner Mitt Romney.

This article was written by a staff member of TheStreet.

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