05/03/2012 01:40 pm ET Updated May 03, 2012

Michele Bachmann Endorses Mitt Romney In Race For President

Rep. Michele Bachmann (R-Minn.) endorsed presumptive Republican presidential nominee Mitt Romney in his campaign for the White House on Thursday.

Despite once calling Romney a "socialist," Bachmann is now getting behind the former Massachusetts governor, calling him "a man who will preserve the American dream of prosperity and liberty" in a statement released Thursday morning. The former GOP hopeful said it was "an honor" to be "personally involved in the endorsement process."

In her endorsement, Bachmann took a thinly veiled swipe at Obama, hitting his new "Forward" campaign effort.

"This is the last chance we have to keep America from going 'forward,' over the cliff, as Governor Romney said, and restore the values of prosperity and freedom," Bachmann's statement said. "This is the opportunity for conservatives, independents, and disaffected Democrats to join me and Governor Romney in denying Obama a second term. On November 6th, the only option is Mitt Romney for President."

Romney praised Bachmann and Virginia Governor Bob McDonnell at the Thursday event, calling the governor "one of the best" in the history of Virginia and referring to Bachmann as a "powerful" Republican figure.

Bachmann launched her own presidential bid last year, but abandoned her operation after a dismal performance in the Iowa caucus in January.

While still vying for her party's nomination, Bachmann told ABC News in December that she didn't believe Romney could "beat" Obama because of the health care reform law he implemented in Massachusetts while serving as governor. She said at the time that "his policy is the basis for Obamacare."

Bachmann explained, "You can’t have a candidate who has given the blueprint for Obamacare. It’s too identical. It’s not going to happen. We have to have a candidate, a bold distinct candidate in the likeness of Ronald Reagan."

The conservative congresswoman also appeared to target Romney last year when she said, "Unfortunately for too many Republicans, they also aspire to be frugal socialists." She explained, "The reason President Obama and some Republicans can get behind socialized medicine is because they share the same core political philosophy about the purpose of government." She added, "We cannot preserve liberty if the choice is between a frugal socialist and an out-of-control socialist."