Stocks

President Joe Biden Announces Withdrawal from 2024 Presidential Race

President Joe Biden has announced his decision to drop out of the 2024 presidential race against former President Donald Trump. In a surprising move, Biden has endorsed Vice President Kamala Harris as the Democratic Party nominee. The decision follows weeks of increasing pressure for Biden to abandon his White House re-election bid, particularly after a challenging debate against Trump.

Biden Endorses Vice President Kamala Harris

Biden's endorsement of Kamala Harris as the Democratic nominee marks a significant shift in the political landscape. The 81-year-old President announced his withdrawal on Sunday, emphasizing that it has been the greatest honor of his life to serve as President. He acknowledged the growing calls within his party to step aside and stated that he believes it is in the best interest of the party and the country for him to focus on fulfilling his duties for the remainder of his term.

Biden’s Social Media Announcement

In a heartfelt post on the social media site X, Biden expressed his gratitude for the opportunity to serve as President. He mentioned that while it was his intention to seek re-election, he felt compelled to stand down for the good of the party and the nation. He also announced that he would speak to the nation later in the week to provide more details about his decision. This move comes after a notable increase in congressional Democrats publicly urging him to step aside.

Biden’s Praise for Kamala Harris

Biden highlighted his confidence in Kamala Harris by recalling his decision to choose her as his Vice President in 2020. He described it as the best decision he made and expressed his full support and endorsement for her candidacy. Biden called on Democrats to unite and work together to defeat Trump in the upcoming election, encouraging them with the words, "Let’s do this."

Kamala Harris Responds

In response to Biden’s endorsement, Vice President Kamala Harris expressed her honor and intention to earn and win the nomination. Her statement reflects her readiness to take on the challenge and her commitment to leading the Democratic Party in the 2024 election.

Support from the Clintons

Former President Bill Clinton and former Secretary of State Hillary Clinton also endorsed Kamala Harris. In a joint statement, they expressed their honor in joining President Biden’s endorsement and pledged their support to Harris. Their statement highlights the growing unity within the Democratic Party behind Harris’s candidacy.

Biden’s Isolation and Health Concerns

Biden has been isolated at his Rehoboth, Delaware beach home after being diagnosed with Covid-19. He and Harris had a conversation on Sunday before he made his announcement. NBC News reported that Biden informed his senior campaign team of his decision to withdraw at 1:45 p.m. ET on Sunday.

Campaign Transition

On a campaign staff call, Biden campaign co-chair Jen O’Malley Dillon encouraged staff to rally behind Harris. She assured them that their jobs would transfer to the Harris campaign and acknowledged the emotional weight of the moment. Dillon’s message emphasized optimism about the path forward.

Trump’s Reaction

Former President Donald Trump commented on Biden’s decision, stating that Biden should never have been in the race in the first place. Trump, who was recently nominated as the Republican Party’s candidate, took the opportunity to criticize Biden’s campaign.

Democratic National Committee’s Statement

Democratic National Committee Chair Jamie Harrison released a statement outlining the party’s plan to move forward. He emphasized a transparent and orderly process to unite the party behind a candidate capable of defeating Trump. Harrison reassured that the process would be governed by established rules and procedures.

Historical Parallels

Biden’s decision to withdraw echoes the move by President Lyndon Johnson in 1968, who dropped out amid turmoil over the Vietnam War and low approval ratings. Biden’s campaign had insisted he would remain in the race despite growing concerns about his age and health.

Growing Pressure Within the Party

The debate with Trump on June 27 triggered a crisis among Democrats. Biden’s performance raised doubts about his ability to compete effectively against Trump. High-profile Democratic donors and backers openly urged Biden to drop out, and nearly 40 Democratic members of Congress had called for his withdrawal by Sunday.

Biden’s Statements on His Decision

In interviews following the debate, Biden expressed his belief that he was the best person to take on Trump. However, he suggested that he might reconsider if faced with certain circumstances. His diagnosis of Covid-19 and subsequent isolation may have influenced his final decision.

Challenges Ahead for the Democratic Party

Biden’s withdrawal opens the presidential race just months before Election Day, posing significant challenges for the Democratic Party. The party must now quickly assemble a new presidential ticket, gain the support of donors and delegates, and convince voters of the new candidate’s worthiness.

The Future of Biden’s Legacy

Biden’s decision to step down is a major moment in his political career. His legacy as a President who put the country first and made significant decisions for the good of the party will be remembered. As the Democratic Party rallies behind Kamala Harris, the focus shifts to the upcoming election and the battle to defeat Donald Trump.