New Mexico Gov. Bill Richardson, who dropped out of the Democratic presidential race at the beginning of the year, has announced his endorsement of Illinois Sen. Barack Obama.

In a statement emailed to supporters, Richardson said Democrats were blessed to have two strong candidates in Obama and Sen. Hillary Rodham Clinton (D-N.Y.), but that it was time for the party "to stop fighting amongst ourselves" and to prepare for the tough fight against Sen. John McCain (R-Ariz.), the presumptive GOP presidential nominee.

"Barack Obama will be a historic and a great President, who can bring us the change we so desperately need by bringing us together as a nation here at home and with our allies abroad," Richardson said.

As a Hispanic, Richardson said he was touched by Obama's speech earlier this week on race, which he deemed historic. He said he has been toubled by the "the demonization of immigrants--specifically Hispanics-- by too many in this country," and praised Obama for tackling the issue.

"He understands clearly that only by bringing people together, only by bridging our differences can we all succeed together as Americans," Richardson said. 

The Richardson endorsement could boost Obama’s standing with Hispanics, a group that has consistently backed Sen. Hillary Rodham Clinton (N.Y.).

The GOP slammed the endorsement. Republican National Committee spokesman Alex Conant said it serves as a “reminder that Bill Richardson brags about meeting with hostile foreign dictators – just like Barack Obama aspires to do,” a reference to the senator’s statements that he would meet with Iranian leaders.

“Obama and Richardson have very different resumes, but they share the same wide-eyed approach to America’s enemies,” Conant stated. “Photo ops with Castro, Chavez and Kim Jong-il have not made America safer in the past – and won’t in the future.”

According to The Associated Press, Obama said he is "deeply honored" to receive the nomination and touted Richardson's commitment to working toward global peace and stability.