Alaska Governor Sarah Palin has announced she will be stepping down from her post as the state’s highest-ranking official on July 26 and will not seek re-election to a second term in 2010.

In a press conference held in her Wasilla, Alaska, hometown Friday, Palin — who has 18 months left in her first term of office — said she would be devoting more time to her family, though political insiders…

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