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Hungarian spokesman Zoltan Kovacs confirmed to the Associated Press (via USA Today) on Wednesday that Budapest was withdrawing its bid to host the 2024 Summer Olympics, leaving only Los Angeles and Paris in the running to host the event.
Per that report, "Fidesz, the governing party, said the decision was made to avoid 'a loss of international prestige' for Hungary, saying the bid had a very small chance of success."
According to David Wharton of the Los Angeles Times, Paris and Los Angeles will now have "candidates travel the world to pitch their case directly to International Olympic Committee members.