US President Joe Biden officially announced on Wednesday in an address from the White House that he is giving up the fight for a new term in favor of Vice President Kamala Harris, reports "Reuters".
He announced that he was "passing the baton to the next generation".
The address from the Oval Office ends more than 50 years in politics.
"I love this post, Biden said. But I love my country more. I decided that the best way forward was to pass the baton to the next generation. This is the best way to unite our nation," Biden said.
We recall that the 81-year-old Biden withdrew after pressure from Democrats following the disastrous June 27 debate against Republican rival Donald Trump.
"The great thing about America is here, kings and dictators don't rule. People do it. History is in your hands. The power is in your hands. The idea of America is in your hands,'' Biden said, according to excerpts of the speech that were released.
These were Biden's first sustained public remarks since he announced his retirement.
Biden, however, refused to leave the White House. He stated that he will continue to hold the presidency.
The Republican Party has said that Biden should resign after his decision to withdraw from the nomination in the election. They include House Speaker Mike Johnson and Ohio Senator JD Vance, Donald Trump's vice presidential nominee. Earlier, the press office of the White House ruled out the possibility of early resignation.
Harris was able to quickly consolidate the forces around her in the Democratic Party, she was supported, including by the Democrats considered the most likely candidates to replace Biden - Michigan Governor Gretchen Whitmer and California Governor Gavin Newsom, as well as former Speaker of the House Nancy Pelosi.
Republican candidate and former president Donald Trump called Biden "the worst president" in the story following Biden's decision to drop out of the race, and also opined that Harris would be easier to beat.