BOSTON (CBS) — The U.S. Olympic Committee has dropped Boston’s bid for the 2024 Summer Olympics.

The decision came hours after Boston Mayor Marty Walsh held a news conference saying that he would not sign any agreement for the games that would leave taxpayers on the hook for cost overruns.

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“I refuse to mortgage the future of the city away. I refuse to put Boston on the hook for overruns,” Walsh said.

Boston was selected for the bid earlier this year, beating out Los Angeles, San Francisco and Washington D.C.

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“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,” Mayor Walsh said in a statement Monday afternoon. “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.”

The city and the U.S. Olympic Committee severed ties after a board teleconference Monday. USOC CEO Scott Blackmun said he does not believe the public support for Boston’s bid would allow it to prevail over bids from Paris, Rome, Hamburg, Budapest or Toronto.

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“Boston 2024 has expressed confidence that, with more time, they could generate the public support necessary to win the bid and deliver a great Games,” Blackmun said. “They also recognize, however, that we are out of time if the USOC is going to be able to consider a bid from another city.”

In a news conference Monday afternoon, Governor Charlie Baker thanked Boston 2024 for putting together a “credible bid”, and said his position has not changed since Boston was first selected by the USOC.

“I think in this particular case we all made very clear, the Senate President, Speaker and I back in March that sometime toward the end of July, beginning of August we would have a pretty comprehensive report from a panel of experts that would help us understand what the role of the Commonwealth would be with respect to hosting the games in 2024,” Baker said. “I think in some respects with that time frame for whatever reason didn’t work for others.”

The USOC will immediately begin to explore other American cities to host the 2024 Summer Games.

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WBZ NewsRadio 1030’s Lana Jones Reports: