Story highlights The former Virginia senator ended his Democratic presidential bid Tuesday

Webb had struggled to gain any traction in the polls, and leaves four other candidates in the Democratic race

Washington (CNN) Jim Webb ended his bid for the Democratic presidential nomination at a press conference Tuesday, telling reporters he will consider an independent bid.

Speaking at the National Press Club in Washington, Webb argued the Democratic Party has moved away from "millions of dedicated, hard-working Americans."

"For this reason, I am withdrawing from any consideration of being the Democratic Party's nominee for the presidency," he said.

"The very nature of our democracy is under siege due to the power structure and the money that finances both political parities," Webb said, adding later that it is "time for a new Declaration of Independence -- not from an outside power but from the paralysis of a federal system that no longer serves the interests of the vast majority of the American people."

Webb, who said he couldn't see himself endorsing any other candidate, said he is considering an independent run and will spend the "next couple of weeks talking to people, people I have not felt comfortable talking with as a Democratic Party candidate."

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