CAMPAIGN 2016: Chris Christie expected to suspend campaign

WASHINGTON, D.C. (WTVQ/ABC News) – New Jersey Gov. Chris Christie is expected to formally suspend his presidential campaign as early as today after he huddles with his closest advisers, ABC News has learned.

A statement announcing the suspension could come as soon as early this afternoon, according to a source briefed on Christie’s plans.

“We bet the ranch on New Hampshire, and no one ever anticipated the Trump phenomenon,” the source told ABC News. “He’s a realist.”

Christie’s New Hampshire campaign Chairman Wayne MacDonald, who is not involved in today’s deliberations but is familiar with the campaign’s strategy, said that qualifying for the next debate is likely a major factor in the deliberations.

And with the governor’s 6th place finish in New Hampshire, he does not qualify to make the stage.

“It’s just a logical next step,” MacDonald said of the likelihood that the governor will formally drop out of the race.

The news that Christie would likely suspend his campaign following a meeting with advisers today was first reported by CNN.

Follow the story as it develops here.