Report: Gingrich and Romney held secret meeting

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On Wednesday, the Gingrich campaign told The Hill that it would be reducing its campaign schedule and laying off a third of its staff to try and stay afloat until the GOP convention in Tampa, Fla., in August.

Gingrich is now banking on a contested convention, in which Romney fails to accumulate the 1,144 delegates needed to secure the nomination, in hopes that he can rally sufficient support at the convention to steal the nomination from the party’s front-runner.

While Gingrich’s super-PAC, Winning Our Future, has been well-funded by billionaire casino magnate Sheldon Adelson, the campaign raised only $2.5 million in February, the least of the four remaining GOP candidates, while spending $2.8 million, leaving it $1.5 million in debt.

Adelson, who has been the primary source of funding for Gingrich’s super-PAC, on Wednesday said the candidate is “at the end of his line," signaling that he is unlikely to cut another check.

Many have speculated that a Gingrich withdrawal would benefit former Pennsylvania Sen. Rick Santorum, as the two have battled to position themselves as the conservative alternative to Romney. Recent polling data, however, suggests that Gingrich backers are split in their support between the two contenders.

This story was updated at 8:57 a.m.