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President Joe Biden speaks in Washington, D.C., on July 14.
Key Takeaways
President Biden dropped out of the 2024 presidential race Sunday. Biden endorsed Kamala Harris as the Democratic nominee.Some Democrats and donors had publicly and privately pushed for Biden to end his campaign after a worrisome debate performance.U.S. stock futures ticked higher Sunday evening.
President Joe Biden dropped out of the 2024 presidential race on Sunday, endorsing Vice President Kamala Harris for the Democratic nominee.
“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 on solely fulfilling my duties as President for the remainder of my term,” President Biden said in a statement, adding he will address the nation with more details about his decision later this week.
The news ended weeks of speculation about Biden’s participation in the campaign. Some Democrats and donors had publicly and privately pushed for him to end his campaign following his performances in the first presidential debate in late June and a subsequent press conference.
A new candidate will change how voters evaluate the race, which has in large part focused on economic issues. Former president Donald Trump accepted the Republican Party’s nomination at the party’s convention last week. U.S. stock futures ticked higher Sunday evening.
While Biden endorsed Harris as his replacement in a subsequent statement, she is not guaranteed to be the Democratic Party’s next presidential nominee.
“I am honored to have the President’s endorsement and my intention is to earn and win this nomination,” Harris said in a post on the social-media platform X.
Since Biden stepped aside before he received the official nomination from the Democratic Party, delegates will still cast ballots at the convention in late August to make a selection. If one candidate receives the majority of delegates, that candidate automatically takes the nomination. However, if no candidate takes the majority, superdelegates vote until one contender takes the majority.
“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,” Biden wrote on X.
Here’s Biden’s letter announcing withdrawal from the race:
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