In his statement, Biden expressed his commitment to fulfilling his presidential duties for the remainder of his term. "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," Biden said.

Biden further emphasized his support for Harris, urging Democrats to unite against former President Donald Trump. "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," he added.

The announcement follows weeks of speculation and growing calls from within the Democratic Party for Biden to withdraw from the race. Many congressional Democrats had publicly urged the 81-year-old to drop out after his shaky debate performance last month against Republican challenger Donald Trump, 78.

Vice President Kamala Harris has yet to release an official statement in response to Biden's endorsement. (ILKHA)