Webb first Democrat to drop out of the presidential race

Presidential hopeful Jim Webb is dropping out of the Democratic primary and considering his options for running as an independent.

“The very nature of our democracy is under siege due to the power structure and the money that finances both political parties,” Webb said today. “Our political candidates are being pulled to the extremes. They’re increasingly out of step with the people they’re supposed to serve.”

Webb served in President Ronald Reagan’s administration but became a Democrat because of his opposition to the war in Iraq. He said today he’s not sure whether he still considers himself a Democrat. Many of his beliefs don’t fit the party platform, but neither do they fit with Republicans, he said.

The former U.S. senator from Virginia has trailed the other Democrats in the race and has failed to gain traction with donors. While frontrunners have raised millions, Webb has only netted $700,000. He complained after the first Democratic debate last week that he didn’t get enough time to air his views. He said the debate was “rigged in terms of who was going to get the time on the floor.”

But Webb has been an underdog since he joined the race with a low-key announcement on his campaign website in July. He admitted at the time his candidacy was a long shot.

Webb was a staunch opponent of the war in Iraq, which played a key role in his surprise Senate win over Republican incumbent George Allen in 2006. He claims U.S. foreign policy has been “adrift” since the end of the Cold War, a not-so-indirect criticism of Hillary Clinton’s work at the State Department.

When he announced his candidacy, the decorated Vietnam veteran and former Navy secretary said he wanted to reset America’s foreign policy to avoid international entanglements. The rest of his campaign message included help for working-class Americans, a common theme among all contenders, and tackling campaign finance reform.

The Associated Press contributed to this report.