Updated 3:17 a.m. ET

DES MOINES -- Mitt Romney eked out an eight-vote victory over Rick Santorum in Iowa's GOP caucuses early Wednesday, after a dramatic night of see-sawing leads in the first contest of the 2012 presidential campaign.

The narrow victory by the former Massachusetts governor, making his second bid for the White House, is the closest Iowa caucus result in history. Iowa Republican Party Chairman Matt Strawn announced the results -- 30,015 votes for Romney to Santorum's 30,007 -- hours after thousands of voters met with their friends and neighbors to render judgment on the GOP field.

"Game on," declared Santorum, a former Pennsylvania senator who was lagging near the bottom of the pack just a few weeks ago.

Texas Rep. Ron Paul finished third followed by former House speaker Newt Gingrich, who was bloodied by a barrage of negative ads from Paul, Romney, and an independent group allied with Romney.

Texas Gov. Rick Perry, a one-time presidential front-runner, finished a disappointing fifth. He went home to Austin to reassess his White House bid.

Minnesota Rep. Michele Bachmann came in sixth and former Utah governor Jon Huntsman, who did not actively compete in Iowa, finished last.

We live blogged the drama, so scroll past the jump for highlights. USA TODAY's Susan Page, Jackie Kucinich, David Jackson and Martha Moore will provide you coverage in New Hampshire ... in just a few hours. Thanks for sticking with us.

2:34 a.m. ET

Iowa GOP Chairman Strawn says Mitt Romney wins the Iowa caucuses by eight votes.

2:19 a.m. ET

CNN's Candy Crowley reports that sources in the Romney campaign say the Iowa Republican Party projects Romney will win by 14 votes. This is all unofficial until we hear from Iowa Republican Party Chairman Matt Strawn.

1:41 a.m. ET

The see-saw is now back on Santorum's side and he's four votes ahead, CNN says.

1:36 a.m. ET

Did CNN"s Wolf Blitzer just say OMG on the air? Yes he did, because Romney now has a one vote lead.

1:35 a.m. ET

For the political and journalism junkies who are still with us, here's a sign of the long night: The main Associated Press story on the Iowa caucuses is now in its 30th revision.

1:24 a.m. ET

The state of play is this: Two precincts are still being counted and then the winner will be declared. Santorum is leading by 18 votes in what is the closest race in Iowa caucus history.

1:04 a.m. ET

CNN is reporting that 2008 GOP presidential nominee John McCain will soon endorse Romney. Santorum calls McCain part of the more moderate wing of the Republican Party.

1:01 a.m. ET

Santorum is being interviewed by CNN about the battle ahead in New Hampshire. "We feel good we'll climb that ladder as well," he says. "There's going to be a rematch."

12:49 a.m. ET

Romney says it's on to New Hampshire. "Let's get that job done. We've got some work ahead."

Our apologies about an earlier headline about the close race and who is locked in a battle. We've corrected it.

12:46 a.m. ET

The election "is about the soul of America," Romney says, as he talks about the Founding Fathers and their "pursuit of happiness."

"The president has a different view," Romney says. "The right course for America is to be an opportunity nation."

He discussed many of these same things Tuesday morning at a rally at the performing arts center.

12:40 a.m.ET -12:43 a.m. ET

"We don't know what the final vote tally will be," Romney says as he congratulates both Rick Santorum and Ron Paul on their showing.

"This is a campaign where America wins," he says. "We're going to change America."

"We're all working for passion for America and concern for a president who is a nice guy but is just over his head," Romney says. "The gap between his promises four years ago and his performance is greater than anything I've seen in my life."

And on that note, he launches into his stump speech dinging Obama for his handling of his economy and foreign policy. He gets applause for his line about making Obama a one-term president.

"This has been a failed presidency," he says, noting it's time to collect on Obama's declaration that he could be a one-term president if he didn't turn around the economy.

12:39 a.m. ET

It's time for the Romneys to speak. Ann Romney is congratulating Santorum. The Romneys are joined by four of their sons. "This is the beginning of a journey," she says, before declaring that she's sure her husband will be the next president of the United States.

12:38 a.m. ET

Santorum has concluded his remarks. "We will be in New Hampshire and with your help and God's grace, we'll have another fun night a week from now," he said.

12:21 a.m. ET-12:31 a.m. ET

Santorum is talking about his grandfather, who worked in Pennsylvania's coal mines, as he explains why he announced his campaign in Somerset, Pa. He has often drawn on his blue-collar roots in the campaign.

"The essential issue in this race is freedom -- whether we will be a country that believes government can do for us...or whether we believe as our founders that our rights come from God."

"We have two parties out talking about how to solve problems. One talks about raising taxes on people who successful ... there's another vision, a Republican vision. Let's just cut taxes and let's just cut spending and everyone will be fine."

"We as Republicans have to help those who are not doing well in society," Santorum says, before invoking Ronald Reagan.

He says as he traveled Iowa he noticed similarities with Pennsylvania, and begins to discuss his plan to boost manufacturing in America.

Santorum slammed the Obama administration for "crushing business" with regulations.

"People ask me why do you think you can win?," as he talks about how some people believe Romney is more electable (without saying his rival's name).

"What wins for America are bold ideas, sharp contrasts and a plan that includes everyone ... people all across the economic spectrum, a plan that says we will work together to get America to work."

He slams Obama for his 2008 campaign remark that people cling to their guns and their Bibles. "Thank God they do," he says. "They share our values."

Santorum adds a joke about the food at the Iowa fair and why he's not buttoning his coat.

12:17 a.m. ET-12:20 a.m. ET

Here's Santorum, wearing a tie and without his trademark sweater vest, speaking to supporters in Johnston, Iowa. The former Pennsylvania senator says he's emotional, and is quoting C.S. Lewis as he thanks his wife, Karen, and gives her a hug and a kiss.

"People have asked me how I've done this ... without getting a whole lot of attention," he says, noting he's done 381 town hall meetings and speeches.

"I've survived the challenges so far by the daily grace that comes from God," Santorum says. "I offer a public thanks to God."

"Thank you so much Iowa," Santorum says. "By standing up and leading with that responsibility you have in being first. You have taken back this country."

Wednesday, 12:15 a.m. ET

Romney now has reclaimed the lead. Santorum is about to speak to supporters.

11:58 p.m. ET

Perry is addressing supporters in West Des Moines, and is reading a letter from a man who backed him. It looks like daughter Sydney is beating back tears, and she got a hug from her brother, Griffin.

"This wasn't my purpose in life but our country is in trouble. It was my duty to serve my country one more time," Perry says.

Perry drops a bombshell: "With the voters' decision, I decided to return to Texas and determine if there is a path forward," he says.

"With a little reflection...I am going to decide the best path forward. There is a model to take this country forward and it is in the great state of Texas."

11:40 p.m. ET

Santorum leads Romney by 54 votes, and nearly all the votes are counted.

11:36 p.m. ET

Michele Bachmann is addressing her supporters. She is projected to come in last among the GOP candidates who actively competed in Iowa.

"Maybe there will be another Michele in the White House," she says, vowing to continue her fight for the White House. David will have more later.

11:30 p.m. ET

Santorum now has a 99-vote lead over Romney.

11:18 p.m. ET

Gingrich is speaking, and he gives credit to Santorum for waging a "positive campaign." That's a ding on Romney, who with his allies unleashed negative ads on Gingrich. David Jackson will have more soon.

11:05 p.m.-11:17 p.m. ET

Paul addressed his supporters at an event in Ankeny, and thanked him for what will be a third-place showing in the Iowa caucuses. "Be ready to move on to the next stop, which is New Hampshire."

"We have a tremendous opportunity to continue this momentum," Paul said. "This movement is going to continue...We will go on and we will raise the money."

There's more in a separate On Politics post.

11:03 p.m. ET

Ron Paul is addressing supporters who are chanting his name in Ankeny, Iowa.

11 p.m. ET

This is a nail biter. The TV networks aren't projecting a winner, but CNN feels comfortable in projecting that Ron Paul will come in third, followed by Newt Gingrich, Rick Perry, Michele Bachmann and Jon Huntsman.

10:50 p.m. ET

Sorry, we've been having technical difficulties. Romney now is leading Santorum, with Paul in third. CNN estimates turnout is between 120,000 to 125,000 voters.

10:23 p.m. ET

Santorum has opened up a lead of about 390 votes ahead of Romney, with Paul behind them.

10:17 p.m. ET

Something to keep in mind from Iowa GOP caucus history: Bob Dole got 26% in 1996, with Pat Buchanan finishing 3 percentage points behind him. That was the tightest race since the Iowa caucuses gained prominence in the 1970s.

10:09 p.m. ET

Jim Bob Duggar, the patriarch of TLC's 19 Kids and Counting show, is being interviewed on CNN about his support for Santorum. He's "just a great man," Duggar says, surrounded by some of his children. Duggar is no stranger to the Iowa caucuses: He campaigned here four years ago for ex-Arkansas governor Mike Huckabee, the 2008 GOP winner.

10:05 p.m. ET

Also on Twitter tonight: ex-Louisiana governor Buddy Roemer, whose GOP presidential campaign has been fighting for airtime. He's been excluded from debates because he doesn't register in national or state polling. Roemer tweets:

BREAKING: Somebody who died in 1987 is beating me in Iowa. #invisibleman #LetBuddyDebate

The official count so far shows Roemer has garnered nine votes in Iowa.

9:52 p.m. ET

A tweet from Paul gigs Huntsman, who isn't competing in Iowa.

@JonHuntsman we found your one Iowa voter, he's in Linn precinct 5 you might want to call him and say thanks.

Politico reports the tweet was initially deleted from the Paul feed, then re-posted. "We said what we wanted to say," Paul spokesman Gary Howard told Politico.

Huntsman has said he doesn't believe Paul will have enough "mainstream support" to be the GOP nominee, and has attacked the Texas congressman for some of his views.

9:38 p.m. ET

An interesting graphic just popped up on CNN, showing Paul with the support of nearly half the independent voters. Iowa voter registration figures show that the largest group of active registrations belongs to those who list themselves as having "no party." Only a handful of votes separate Romney, Santorum and Paul, according to the latest vote count.

9:14 p.m. ET

Our colleague David Jackson reports in The Oval that President Obama expressed his optimism in a video address to Iowa Democrats who are caucusing tonight. David will be part of USA TODAY's Politics team on the ground in New Hampshire.

9:02 p.m. ET

The first official votes are starting to get counted, and there's a tight race at the top among Paul, Santorum and Romney. It's very early in the tabulations.

8:46 p.m. ET

CNN reports Paul has 24% of the vote, based on the entrance poll of caucusgoers. (These numbers now incorporate people who came in after the first wave of early voters arrived at caucus sites.)

Romney is second with 23% and Santorum is at 19%. Rounding out the field: Gingrich (13%), Perry (11%), Bachmann (7%) and Huntsman (1%).

NOTE: These are not final results. They're just numbers based on CNN's tabulation of entrance polls.

8:34 p.m. ET

Paul just addressed caucusgoers in Ankeny, Iowa, and assured them of his support for a strong military. He says he gets more donations from members of the armed services than any other candidate. "If we care about our military, we must be more cautious about how we go to war," he said.

8:29 p.m. ET

More from the poll of early arrivers at Iowa caucus sites: The AP reports about one third say they want a candidate who can beat President Obama, while a quarter of voters say they want a "true conservative."

A strong moral character is an important factor to about one in five of those responding to the early entrance poll. AP says the top issues are the economy and the budget deficit.

8:08 p.m. ET

CNN and the Associated Press say Mitt Romney, Ron Paul and Rick Santorum are in the top tier of vote getters, based on a poll of more than 600 people who arrived early at caucus sites across the state. Romney and Paul are neck-and-neck.

Newt Gingrich, Rick Perry and Michele Bachmann are in the second tier.

The entrance poll is taken by Edison Media Research for AP and the TV networks. The key here is that these voters are the ones who are the most eager, and not stragglers to caucus sites. But a reminder: It's still early and the race is volatile.

8 p.m. ET

Newt Gingrich made headlines today by asserting Mitt Romney is a liar, and has vowed he'll be more aggressive in taking on the former Massachusetts governor. The former House speaker begins that campaign in earnest with a full-page ad in the Union Leader, New Hampshire's largest and most influential newspaper. He depicts himself as a "bold Reagan conservative" and knocks Romney as a "timid Massachusetts moderate." Gingrich was endorsed by the Union Leader.

Updated 7:24 p.m. ET

CNN just posted the criteria for the Jan. 19 debate in South Carolina, two days before the all-important, first-in-the-South primary. Right now, it could be a challenge for Texas Gov. Rick Perry and Minnesota Rep. Michele Bachmann to qualify, based on polling data compiled by RealClearPolitics.

One of the following four criteria must be met to participate:

A top four finish in Iowa

A top four finish in New Hampshire

An average of 7 percent support in three national polls or

An average of 7 percent support in three South Carolina polls.

Our original post begins here:

Iowa voters tonight will render the first judgment of the nominating season on seven major Republican candidates seeking to be their party's standard bearer against a vulnerable President Obama.

The winner heads to New Hampshire for the first-in-the-nation primary on Jan. 10, but who the victor will be is anybody's guess.

Former Massachusetts governor Mitt Romney, who came in second in the 2008 Iowa caucuses, held a slight lead in the final Iowa Poll over Texas Rep. Ron Paul, a libertarian known for his opposition to anything not authorized by the Constitution.

The wild card in the final days of campaigning here was former Pennsylvania senator Rick Santorum, who doggedly made more than 360 campaign appearances throughout Iowa last year to pitch his conservative credentials.

Former House speaker Newt Gingrich goes into the Iowa caucuses tonight bloodied by an onslaught of negative advertising funded largely by Romney and his allies. He has already vowed to be more forceful in New Hampshire, and gets a chance to do so Saturday at the first televised GOP debate of the new year.

Just hours before the caucuses began, Gingrich suggested Romney was a liar and vowed to defend his record more forcefully in New Hampshire.

Texas Gov. Rick Perry, armed with enough campaign cash to wage his own air war, and Minnesota Rep. Michele Bachmann, who won the Iowa straw poll in August, were trailing the leaders.

Perry said he views the Iowa caucuses as "mile one of a marathon," and vowed to finish the race. Bachmann remained upbeat and, like Perry, is already planning to largely skip campaigning in New Hampshire to focus instead on the Jan. 21 primary in South Carolina.

Former Utah governor Jon Huntsman is not competing here and has been campaigning in New Hampshire.