Back in January, the U.S. Olympic Committee picked Boston as the nation's choice to host the 2024 Olympic and Paralympic Games. (Here's what that could have looked like.) Today, it was announced that Boston would no longer be in the running to host the games.

According to The Boston Globe, Boston Mayor Marty Walsh said at a press conference earlier today that he was not ready to sign a host city contract without more information about the finances. He posted the following statement online today:

"I strongly believe that bringing the Olympic Games back to the United States would be good for our country and would have brought long-term benefits to Boston. However, no benefit is so great that it is worth handing over the financial future of our City and our citizens were rightly hesitant to be supportive as a result. We always anticipated having the time to do our due diligence on the guarantees required and a full review of the risk and mitigation package proposed last week. This is a monumental decision that cannot be rushed, even if it means not moving forward with our bid for the 2024 Summer Games."

This change of plans does not necessarily mean that the U.S. is pulling out as a host contender altogether. The Associated Press reports: "The decision throws the bid process — and hopes that the U.S. will host another Olympics — into flux. Only seven weeks remain before cities have to be officially nominated. If the USOC wants to stay in the race, Los Angeles is its likely choice."