Congressman Anthony Weiner's decision to stay out of the mayor's race has cleared the way for City Comptroller Bill Thompson to pick up the Democratic nomination.

In a statement, Thompson says he respects Weiner's decision to stay in Washington "during this important time in our nation's history."

Congressman Weiner announced his decision to sit out the race in an op-ed in Wednesday's New York Times. He said he can better serve the needs of the city from the nation's capitol. He also mentions Mayor Michael Bloomberg and his large campaign war chest as being a big obstacle to overcome.

His decision not to run leaves just Thompson and City Councilman Tony Avella in the race for the Democratic nod.

A NY1 poll taken earlier this month had Thompson beating Avella in a head to head match-up by more than 30 points.

"This race isn't over. If anything, this race is just beginning," said Thompson. "I think the mayor, in spending $20 million this early, is trying to create a distorted sense of reality. He's trying to let you believe that he can't be beat. The truth is, talk to New Yorkers, they want somebody new. They want someone who will stand up and fight for them."

Mayor Michael Bloomberg is facing criticism that his ability to spend possibly as much as $100 million on his campaign will drown out meaningful debate in the campaign. But he insists that money isn't everything.

"If you have a good message, people are going to be responsive. And if you have a bad message or you've done a bad job, and don't offer hope for the future, no amount of money is going to make a difference," said the mayor. "This is one of those things that comes up every time. If you look at the history of this country, wealthy candidates don't always win."