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cnbc.com
President Joe Biden addressed the nation from the Oval Office, announcing his decision to drop out of the presidential race and endorse Vice President Kamala Harris as the Democratic Party's nominee.
Biden's decision to exit the race came after a weeks-long pressure campaign from Democratic lawmakers, donors, and strategists, following concerns about his age and fitness to campaign against Donald Trump.
Kamala Harris has secured endorsements from hundreds of Democratic lawmakers and officials, received record levels of donations, and is starting to catch up to Trump in the polls.
Biden emphasized the importance of uniting the Democratic Party and stated that the defense of democracy is more important than personal ambition.
Biden plans to serve out the remainder of his first term, which ends in January, and his decision to step aside was influenced by a desire to save democracy and unite the nation.