After launching his campaign in Charleston last August, Texas Gov. Rick Perry is back in his home state today instead of campaigning in South Carolina, reassessing his primary potential after a bruising loss in the Iowa Caucus. 

Even before Iowa voters began to caucus, Gov. Rick Perry had announced an ambitious three-day schedule in South Carolina beginning Wednesday, hoping to show strength after what would likely be a poor showing Tuesday night.

But a distant fifth place appeared to be worse than he expected. The candidate told supporters Tuesday night that he would head home instead of the Palmetto State to "determine whether there is a path forward" in the race.

Iowa wasn't a make-or-break state for Perry, but he needed some suggestion of momentum to combat a steady decline in the polls since his rock star arrival in the primary campaign.

If Perry does walk away from the race, it provides an opening for Rick Santorum, the latest to find favor among conservatives. Perry racked up several high profile endorsements in the South Carolina legislature, including House Speaker Bobby Harrell and former House Speaker David Wilkins.

It's unclear how swiftly, if at all, those endorsements head elsewhere.