Chris Christie to reportedly suspend presidential bid

New Jersey Gov. Chris Christie (R) is reportedly considering suspending his presidential bid as early as Wednesday afternoon, an anonymous source told ABC News.

Christie finished sixth in Tuesday's New Hampshire primary and will not qualify for the next Republican debate.

"We bet the ranch on New Hampshire, and no one ever anticipated the [Donald] Trump phenomenon," the source said. "He's a realist."

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Wayne MacDonald, Christie's New Hampshire campaign chairman, was not involved in the decision-making process but said suspending the campaign would be "a logical next step." On Tuesday evening as primary results came in, Christie said he was returning to New Jersey so he could "take a deep breath" and think more about his campaign.