The decision comes after weeks of mounting pressure from top Democratic leaders, donors, and supporters.
"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 term," Biden wrote.
"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," said Biden.
"The pressure on Biden to step aside has been relentless. Senate Majority Leader Chuck Schumer, Speaker Emerita Nancy Pelosi, and House Democratic Leader Hakeem Jeffries were among the prominent figures urging Biden to reconsider his re-election bid," according to multiple reports.
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