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“There was every sign of a Bachmann revival effort and to all of a sudden pull the plug on running re-election after putting in the time and money and making the political commitment, tells me that there is another shoe to drop,” Mr. Jacobs said.

William McGinley, the lawyer representing Mrs. Bachmann, has said that she will be cleared of any wrongdoing.

Mrs. Bachmann also addressed the allegations in her announcement, saying “this decision was not impacted in any way the recent inquiries into the activities of my former presidential campaign, or my former presidential staff.”