Former Massachusetts governor Mitt Romney narrowly won the Iowa Republican caucus on Tuesday night, edging out second-place Rick Santorum, a two-time former senator, by a mere eight votes. More than 122,000 votes were cast, with Romney earning 30,015 to Santorum’s 30,007, Postmedia reports. The Iowa caucus is the first step in the bid to earn the nomination for Republican presidential candidate. Results were announced at 2.30 am E.T. following seven hours of waiting for a single precinct that ultimately determined the winner. Libertarian Ron Paul earned a strong third place with 26,186 votes. Former House Speaker Newt Gingrich finished a disappointing fourth, while Texas governor Rick Perry was a distant fifth place with a mere 10 per cent of the vote. Sixth place finisher Michele Bachmann today announced her withdrawal from the GOP race.