10 things you need to know today: January 31, 2015

(Image credit: (AP Photo/Gregory Bull))

1. Mitt Romney will not run for president in 2016

In an 11 a.m. call on Friday with senior donors, Mitt Romney announced that despite heavy speculation that he would step into the 2016 race for president, he will not consider a bid after all. "I've decided it is best to give other leaders in the party the opportunity to become our next nominee," he said. The announcement prompted several top GOP donors to throw their support behind Jeb Bush instead.

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Sarah Eberspacher is an associate editor at TheWeek.com. She has previously worked as a sports reporter at The Livingston County Daily Press & Argus and The Arizona Republic. She graduated from Northwestern University's Medill School of Journalism.