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NEW YORK -- After much speculation, former New York Governor George Pataki will not make a run for the White House in 2012, citing personal reasons.

A source close to Pataki said although he was strongly considering it, he isn't running for president and also isn't traveling to Iowa this weekend.

The source insisted that Pataki's decision was based mainly on family concerns and that he had not been influenced by the fact that he would be coming late to the game. Other candidates have already announced their candidacy and have been actively fundraising and campaigning for months now.

Speculation was that the three-term governor would announce his candidacy Saturday at the Polk County Republican fundraiser.

In statement, Pataki said, "I remain committed to the advancement of real, politically viable reforms to entitlements and rolling back the size and cost of the federal government. At this time, I will continue to do this as the leader of No American Debt and not as a candidate for president."

Pataki calls President Obama's policies misguided and said they are bankrupting America and that Obama must be defeated next November.