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Eric Swalwell will reportedly drop out of 2020 race

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But with receiving 1 percent or less in national polls, it is likely that Swalwell would not make it onto the stage for the second Democratic primary debate at the end of this month.

"Today ends our presidential campaign, but it is the beginning of a new opportunity in Congress", he added.

Swalwell began his campaign by declaring to The Atlantic that "gun safety has to be a top 2020 issue", echoing that point when he went on Stephen Colbert's late-night TV show with Parkland activist Cameron Kasky.

Signs of trouble were evident last week when Swalwell canceled a two-day swing through the key battleground of New Hampshire.

Swalwell is expected to make the announcement at a 4 p.m. ET news conference at his campaign headquarters in California, concluding a short-lived bid for the Democratic nomination that failed to gain any traction. He traveled to Iowa, where he was born, more than a dozen times, and welcomed the speculation that he might seek the White House.

Swalwell said his proposal for a nationwide gun buyback had "moved the needle" during the June debate when Biden and Sens. He cited commitments that he received from frontrunners Senator Kamala Harris, Sen. "I promised my family, constituents, and supporters that I would always be honest about our chances". Swalwell had been open about retaining the option of returning to run for his current congressional seat, telling The Hill, "I hope to be part of the field as it shrinks". And whether you're reading about 2020 presidential fundraising, conflicts of interest or "dark money" influence, we produce this content with a small, but dedicated team.

Swalwell's district in the Bay Area is heavily Democratic. In an interview last month, Wahab said she would "reassess" her race if Swalwell returned. Strategists say candidates will be forced to take a hard look at their overall status and decide whether or not they can muster the finances to carry on. He said his work will be "shaped by the lives that have touched mine and our campaigns throughout these last three months to bring that promise of America to all Americans". In addition to serving on the House judiciary and intelligence committees, he took gun violence as his signature issue during his presidential run.

The group almost doubled in size to 50 members after the 2018 midterm elections ushered in a younger crop of new lawmakers.

But Swalwell is viewed as a rising star in the House Democratic majority, with Speaker Nancy Pelosi lauding him during an appearance in San Francisco on Monday. And while he might leave the crowded Democratic party with one less candidate, someone else might pick up his torch soon - there are rumors that billionaire Democratic donor Tom Steyer will be announcing a bid for the 2020 presidency soon.