LINCOLN, Neb. (AP) — Sen. Ben Nelson of Nebraska said Tuesday he will retire rather than seek a third term next year, dealing a significant setback to Democratic efforts to maintain control of the chamber.

The 70-year-old conservative Democrat, whose seat is being heavily targeted by Republicans in 2012, said in a statement that “while I relish the opportunity to undertake the work that lies ahead, I also feel it’s time for me to step away from elective office, spend more time with my family, and look for new ways to serve our state and nation.”

“Therefore, I am announcing today that I will not seek re-election,” he said. “Simply put: It is time to move on.”

Republicans, who need to net four seats to take back the Senate next year, say Nebraska has tilted further to the right in recent years and have made Nelson’s seat a 2012 priority. Nelson is the lone Democrat among the state’s five-member congressional delegation, and Republicans think his vote for President Barack Obama’s signature health care legislation would have weighed him down.

Nelson still could have given Democrats a fighting chance. A two-term governor before winning a Senate seat, he has shown an ability to rebound after being down in previous statewide races.

But he’s recently expressed dismay about a divided Congress’ inability to pass meaningful legislation, frustration that echoed in the Tuesday statement in which he said public office is “about promoting the common good, not the agenda of the radical right or the radical left.”

“I encourage those who will follow in my footsteps to look for common ground and to work together in bipartisan ways to do what’s best for the country, not just one political party,” he said.

Even as Nelson wavered about whether to seek another term, he piled up campaign cash, hired a campaign manager and watched his party spend more than $1 million on ads supporting him. Prominent Nebraska Democrats said they were shocked by his announcement Tuesday and concerned about who they might field against the Republican nominee.

“I’m absolutely stunned,” said Kathleen Fahey, a Democratic super-delegate in 2008. “Ben has been such a great senator for everybody. I’m not liking this.”

The campaign preparation had left Nelson with a healthy cash advantage. He had more than $3 million cash on hand last month, about twice his nearest competitor, and had the luxury of stockpiling money while Republicans focused on a crowded primary.

Nelson’s retirement likely will drag the GOP race even further to the right, said University of Nebraska Lincoln political scientist Mark Wagner.

“Whoever wins the primary is likely to be the senator from Nebraska for as long as they want,” Wagner said.

The GOP ticket includes Nebraska Attorney General Jon Bruning, state Treasurer Don Stenberg, state Sen. Deb Fischer, and investment adviser Pat Flynn.

Bruning on Tuesday wished Nelson well and praised him as “a dedicated public servant of the state of Nebraska for over two decades,” while Fischer expressed confidence the GOP would now claim the seat.

“I think we have a strong group of Republicans, and I happen to believe the seat will go to a Republican,” Fischer said.

Nelson first was elected to the Senate in 2000, defeating Republican contender Stenberg to replace the retired Bob Kerrey. His centrist stance helped him get re-elected over the years even as already-conservative Nebraska became even more dominated by Republicans.

“In one respect, he certainly deserves to have some time away from the political scene,” said Democratic super-delegate Steve Achelpohl. “But on the other hand, it certainly is going to leave a void.”

He was one of only two Senate Democrats to support a failed GOP bid to block new federal controls on power plant pollution that blows downwind into other states. And he took great pride in his membership in the 2005 “Gang of 14,” made up of Republicans and Democrats who brokered a deal to avoid a filibuster showdown over President George W. Bush’s judicial nominees.

However, Nelson’s vote in favor of Obama’s signature health reform measure left the GOP confident they could beat the Democrat next year. The health reforms are strongly opposed by many Nebraska conservatives, and after the vote Nebraska Republicans immediately kicked off a “Give Ben the Boot” campaign.

“For once Senator Nelson has listened to Nebraskans,” Nebraska Republican Party Chairman Mark Fahleson said Tuesday. “The Nebraska Republican Party is more focused than ever on electing another conservative Republican to join Sen. Mike Johanns and recapturing the U.S. Senate so that we can reverse the damage done by Ben Nelson, Washington Democrats and the Obama Administration.”

Nelson upset incumbent Nebraska Gov. Kay Orr in 1990 to earn his first statewide office and was re-elected in 1994 by a landslide. In 1996, he reneged on a campaign pledge that he would not seek higher office while governor and announced his candidacy for the Senate seat vacated by the retiring Gov. Jim Exon.

Omaha millionaire businessman Chuck Hagel soundly defeated Nelson in that Senate race. The two later served as colleagues when Nelson was elected in 2000.

Obama on Tuesday issued a statement thanking Nelson for his public service.

“Over the course of his career, Ben’s commitment to working with both Democrats and Republicans across a broad range of issues is a trait far too often overlooked in today’s politics,” the president said.

Astonishingly beautiful and breathtaking in its brutal imagery, “Snow White & the Huntsman” is thrilling and frightening in equal measure, yet as bereft of satisfying substance as a poisoned apple.

Rupert Sanders’ revisionist take on the classic Brothers Grimm fable, the first feature from the respected British commercial director, upends expectations of traditional gender roles while simultaneously embracing what a fairy tale should be. It’s dark and dangerous, vicious and violent. Yes, there are dwarves and adorable, furry woodland creatures but more often, death is a constant threat.

Donald Trump may have briefly sidetracked Mitt Romney’s campaign message in Las Vegas with his renewed “birther” talk, but it isn’t the first time an opinionated supporter has put a candidate in an awkward position.

In 2008, candidate Barack Obama had to distance himself from his former longtime pastor, the Rev. Jeremiah Wright, following the Chicago clergyman’s incendiary rhetoric and contentious public appearances. Obama also faced questions about his relationships with 1960s radical Bill Ayers and convicted Chicago businessman Antoin “Tony” Rezko.

NEW YORK (AP) — A key borrowing rate is sinking to a 66-year low as fear over Europe roils global markets.

The yield on the 10-year Treasury dropped to 1.62 percent in Wednesday trading as investors shifted money into Treasurys and other government bonds considered safe.

The flight to Treasurys was spurred by reports that the European Central Bank rejected a plan to help Spain pay for a banking bailout.

The price of the 10-year Treasury jumped $1.12 for every $100 invested. Rising demand for bonds lowers their yields.

Worries that troubles in Europe will set off a wider financial crisis have driven traders into Treasurys in May. The 10-year Treasury started the month paying 1.95 percent.

PERJURY: The former top media adviser to Prime Minister David Cameron, Andy Coulson, was detained Wednesday on suspicion of perjury in the trial of a flamboyant ex-Scottish lawmaker in 2010.

CONTEXT: Coulson was editor of the News of the World tabloid when stories about former politician Tommy Sheridan were published, and working as Cameron’s communications director when he gave evidence to the 2010 trial. He left his post at the newspaper in 2007 after a reporter and a private investigator were jailed over phone hacking offenses.

SECOND CHANCE: Cameron has insisted he had been right to offer Coulson a “second chance.”Coulson resigned as his media chief last year.

SAN ISIDRO, Colombia (AP) — Freed French journalist Romeo Langlois appears and speaks to reporters in Colombia.