MADISON, Wis. — Madison businessman Eric Hovde has decided against entering the Republican U.S. Senate race in Wisconsin.

Hovde made his announcement in an interview airing Sunday on "Upfront with Mike Gousha."

Hovde had been weighing a Senate run for months, but says he and his wife decided "it's just not the right time for us."

Hovde entered politics in 2012 and finished second behind former Gov. Tommy Thompson in the GOP race for U.S. Senate.

Hovde's decision leaves state Sen. Leah Vukmir and Delafield businessman Kevin Nicholson vying for the chance to take on Democratic Sen. Tammy Baldwin. Hovde says he has not decided on an endorsement in the race.

Wisconsin Democratic Party spokesman Brad Bainum says Hovde's decision is "a real testament to how nasty" the GOP primary has become.