Mitt Romney, one of Republican's possible presidential candidates for 2016, backed out from the race in what critics are saying is a result of the "Bush strategy."

Romney had released a statement recently saying he might not be the strongest contender for the Republican Party. The announcement came on the heels of his recent secret meeting with fellow presidential candidate Jeb Bush in Utah.

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According to Steve Kornacki, a political analyst, what Bush did was similar to what his brother, George W. Bush, did back in 1999 just months before the 2000 elections. The strategy that Kornacki was talking about was the money that Bush might be bringing in to the campaign and the support he has been getting from the Republicans. 

If the former Governor of Massachusetts continued to race for the presidential run, it would have been his third attempt of grabbing the seat in the White House. However, despite the assumptions about the Bush strategy, Romney insisted that he was stepping aside to give other nominees a chance.

"You can't imagine how hard it is for Ann and me to step aside, especially knowing of your support and the support of so many people across the country," Romney said in a statement. "But we believe it is for the best of the Party and the nation."

According to other reports, another possible reason for him backing out was that donors who supported him during his second run no longer want to fund his campaign. These donors reportedly shifted their support to former Florida Governor Jeb Bush, one of the leading contenders for the said post.

Other candidates for the presidential run are reportedly scrambling to have the former supporters of Romney support their campaign but Bush is the most favored among all by the campaign operatives.

Chicago financier Ron Gidwitz explained: "People were much more excited about Jeb than Mitt. Mitt ran twice before unsuccessfully. He's a great guy. But winning is everything in this business."

TagsMitt Romney, presidential race 2016, Bush strategy, Jeb Bush, U.S. elections 2016