IN FULL: Read President Biden’s statement announcing decision to drop out of race

HONOLULU (HawaiiNewsNow) - President Joe Biden has announced he will not seek re-election.

The 81-year-old Democrat dropped the bombshell announcement on X around 7:45 a.m. Hawaii time, saying it was in the “best interest of my party and the country” as the reason for his decision.

Biden plans to serve the remainder of his term in office, which ends at noon on Jan. 20, 2025.

Here is the complete statement:

Today, America has the strongest economy in the world. We’ve made historic investments in rebuilding our Nation, in lowering prescription drug costs for seniors, and in expanding affordable health care to a record number of Americans. We’ve provided critically needed care to a million veterans exposed to toxic substances. Passed the first gun safety law in 30 years.

Appointed the first African American woman to the Supreme Court. And passed the most significant climate legislation in the history of the world. America has never been better positioned to lead than we are today.

I know none of this could have been done without you, the American people. Together, we overcame a once in a century pandemic and the worst economic crisis since the Great Depression. We've protected and preserved our Democracy. And we've revitalized and strengthened our alliances around the world.

It has been the greatest honor of my life to serve as your President. And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my

I will speak to the Nation later this week in more detail about my decision.

For now, let me express my deepest gratitude to all those who have worked so hard to see me reelected. I want to thank Vice President Kamala Harris for being an extraordinary partner in all this work. And let me express my heartfelt appreciation to the American people for the faith and trust you have placed in me.

I believe today what I always have: that there is nothing America can't do - when we do it together. We just have to remember we are the United States of America.

First Lady Jill Biden reposted his initial announcement on X and added a heart emoji.

In another Post on X, Biden endorsed Vice President Kamala Harris, the party’s instant favorite for the nomination at its August convention in Chicago.

My fellow Democrats, I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term. My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it’s been the best decision I’ve made. 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.

This story is ongoing and will be updated.

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