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Michele Bachmann's Former Campaign Manager Ed Rollins Says She Should Quit After Iowa Caucus 2012 (VIDEO)

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Republican presidential candidate Rep. Michele Bachmann's (R-Minn.) former campaign manager, Ed Rollins, said she should quit the race Tuesday night on Fox News, amid early returns showing her finishing sixth in the Iowa caucus.

"At the end of the day she didn't quite pass the muster that she needed to be looked at as a credible candidate," he said. "I think if she goes on she's just going to go into debt," he said, adding that she had "no organization" in New Hampshire. "She'd be better off to endorse somebody today. She's not going to take my counsel, but I think at the end of the day don't go in debt."

Rollins stepped down as Bachmann's campaign manager in early September. After leaving the campaign, he refused to tell MSNBC's Chris Matthews whether he wanted to see Bachmann win the presidency. He doubted at the time that she had the "the ability or the resources" to continue beyond the Iowa caucus.

Rollins harshly criticized Bachmann at the end of December. "She's still saying the same things she said in the first the debate. There's no substance. She says, 'I'm going to repeal Obamacare.' But she's been saying that from Day 1. I told her: That's your Tea Party speech, now you have to say what you're going to do next," he said.

Former Alaska Gov. Sarah Palin also gave a frank assessment of Bachmann's campaign prospects on Fox News Tuesday night. "I just don't see a way to progress her campaign to become the top tier candidate," she said.

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