Lincoln Chafee drops out of 2016 Democratic presidential race

Lincoln Chafee takes part in the presidential debate in Las Vegas on October 13, 2015.
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Lincoln Chafee withdrew Friday from the 2016 Democratic presidential race.

"As you know I have been campaigning on a platform of prosperity through peace. But after much thought I have decided to end my campaign for president today," the former Rhode Island governor said in a speech at a Women's Leadership Forum conference. "I would like to take this opportunity one last time to advocate for a chance be given to peace."

During the first Democratic presidential debate, Chafee referred to himself as a "block of granite" when it came to issues and said he was most proud of his judgment, particularly his vote against the Iraq war. But his performance was widely panned, prompting questions about whether he would continue his campaign.

Democratic presidential candidates Jim Webb, Sen. Bernie Sanders (I-VT), Hillary Clinton, Martin O'Malley and Lincoln Chafee take the stage for a presidential debate sponsored by CNN and Facebook at Wynn Las Vegas on October 13, 2015 in Las Vegas, Nevada.
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"Ladies and gentleman, from what I've heard none of the Republicans running for president want to understand anything about the Middle East and North Africa. Instead they prefer to espouse more bellicosity, more saber rattling and more blind macho posturing," he said.

Chafee, a former Republican who became an independent before joining the Democratic party, has said he would carry on his campaign as long as he can keep raising important issues.

Chafee raised just $11,000 in the most recent fundraising quarter. Most of his money has come from more than $360,000 that he has loaned his campaign.

— The AP contributed to this report.