It was a dramatic reset to the Republican race for president this weekend with a big victory for one candidate, the exit of another and the entrance of a third.

Making the rounds on the morning talk shows today, Michele Bachmann took a victory lap in Iowa this morning after winning the Ames Straw Poll, but the political fight for Iowa’s attention has just begun.

“Obama is my strategy,” Bachmann said on ABC’s “This Week.” “I intend to be the nominee of the Republican Party and to take him on and to defeat him in 2012.”

Former Minnesota Gov. Tim Pawlenty announced today that he is dropping out of the presidential contest, after a disappointing third-place finish in the straw poll.

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