Fox News reports that Michael Steele isn't running for a second term:

Republican National Committee Chairman Michael Steele is expected to announce he will drop out of the highly contested race to keep his post, multiple RNC sources told FoxNews.com on Sunday.   Fox News has confirmed Steele sent an e-mail to committee members Saturday night with the subject line, “conference call.”

Steele's ability to run a competitive race was dashed when Wisconsin GOP chairman Reince Priebus, Steele's former campaign manager and general counsel at the RNC, threw his hat in the ring. Other RNC chair candidates include former Michigan GOP chairman and current RNC committeeman Saul Anuzis, former Missouri GOP chairwoman Ann Wagner, former RNC Political Director Gentry Collins, and former Bush administration official and RNC hand Maria Cino.