President Joe Biden will "stand down" from the 2024 election, he said in a statement Sunday, ending weeks of speculation. Biden endorsed Vice President Kamala Harris to replace him as the Democratic nominee.
Biden, in the statement, said that "while it has been my intention to seek reelection, I believe it is in the best interest of my part and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term."
The president he will speak to the country later this week.
Biden Endorses VP Kamala Harris
In a subsequent social media statement, Biden endorsed Vice President Kamala Harris to replace him at the top of the Democratic ticket.
"Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year. Democrats — it's time to come together and beat Trump. Let's do this."
VP Harris, in a statement, said "I am honored to have the President's endorsement and my intention is to earn and win this nomination."
Democrats rushed to line up behind Harris, seeking to quickly unify with just a few months to go before Election Day. That includes several potential alternative choices for the nomination.
Democratic leaders had been increasingly vocal about Biden dropping out of the presidential race after his disastrous debate with former President Donald Trump last month raised widespread concerns about his mental fitness. Trump has widened his lead in the polls, especially in key swing states.
Trump Responds to Biden Exit
Donald Trump, in a Truth Social post, said Biden "was not fit to run for President, and is certainly not fit to serve — And never was!" Trump added that "we will the remedy the damage" Biden caused "very quickly."
Biden Impact On Markets
Biden's exit could shift global financial markets, which increasingly had priced in Trump's return to the White House. Trump is likely to still be favored over Harris, but the latest wild twist in the presidential race creates some uncertainty.
Dow Jones futures rose slightly Sunday night.
In an initial reaction to Biden's exit, Bitcoin briefly fell below $66,000, but quickly recovered to back above $68,000, up slightly a fraction vs. 24 hours earlier.
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