He was once the frontrunner for his party's presidential nomination. But now, Newt Gingrich is bowing out of the race and that is making at least one person very happy. Our Josh Robin explains.

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UNITED STATES -- Mitt Romney didn't have to say much. His grin did the talking.

Probably better than the former house speaker.

Gingrich was at what promises to be among his last events as an active White House hopeful. This election at least.

"I think it’s pretty clear that Governor Romney is going to be the nominee just based on the sheer weight of yesterday's evidence," Gingrich said.

His aides say his concession will come by the middle of next week in Washington. Presumably, first, he'll want help settling his millions of dollars in campaign debt. Gingrich also is trying to land a role in this summer's GOP convention.

"The republican platform has to be a solidly conservative platform that has solutions big enough to meet the country's requirements and so in that sense, we're going to continue to move forward," Gingrich said.

Something he wanted to do as the nominee and he almost got there, probably peaking with a January 21st win in South Carolina.

He also produced some of the campaign season's most memorable moments.

Some also knocked Gingrich's out of this world ideas, proposing a lunar colony, for instance. Ultimately, though , Gingrich was walloped by attack ads Romney bought with his better-funded campaign operation, which grew again Wednesday after a high-priced luncheon.

Romney is expected in New York City more often, but not for public campaign events, but to raise money behind closed doors. So far he's considerably behind President Obama when it comes to cash.

Speaking of the President, he was in Iowa, courting young voters to fight against hikes in student loans.

“I'll do a quick poll. This may be unscientific, how many people can afford to pay an extra thousand dollars right now?" Obama asked.

Meanwhile, while it didn't cost that much, Tuesday’s poorly-attended Republicans primaries in New York didn't come cheap. Under five percent of eligible city Republicans voted. Factor in set up, clean up and counting the rolls, that's $578 in taxpayer money per vote.