Follow CBSDFW.COM: Facebook | Twitter

UPDATE 12:30 p.m. (CBSDFW.COM) — In speech before the Dallas World Affairs Council in Dallas at the Belo Mansion this afternoon, Former presidential candidate Jim Webb said that after taking a three month long look, he won’t run for President as independent.

READ MORE: Mesquite Officer Dies After Shooting Outside Grocery Store

Webb did say that he believes both political parties are in a state of crisis.

Webb said that a third party run for president was theoretically possible but that the money wasn’t there for a successful campaign.

There was speculation earlier in the day that Webb was ready to run again.

On February 9, the World Affairs Council tweeted happy birthday to the former senator and said he would be sharing his “5 Most Important Principles for Foreign Policy” at the luncheon today.

READ MORE: Officials React To Mesquite Officer Killed On Duty

Webb’s time as a democratic presidential candidate didn’t last long, he announced he would be joining the race in July of 2015 and ended his bid in October. He said he was “not comfortable” with many of the Democratic Party’s political positions.

It didn’t take long after Webb quit that political pundits began speculating that he would get back in the race, running as an independent. At the time Webb, a former Virginia senator and Secretary of the Navy, also said he might explore an independent bid.

Webb’s challenge would have been to figure out how to score 270 electoral votes. In the last few months, he has said that the need for an independent presidential candidate was growing more apparent each day.

At one point Webb actually lived in Texas. His father was in the United States Air Force and was stationed in many U.S. States and in England.

MORE NEWS: Fort Worth ISD Hopes To Hire Teachers 'On The Spot,' Offering Huge Incentives

(©2016 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)