President Joe Biden has announced that he will not seek re-election, addressing increasing calls within his party to withdraw from the 2024 presidential race following a contentious debate with Republican nominee Donald Trump. “It has been the greatest honor of my life to serve as your president,” Biden stated, adding his intent to concentrate on his presidential duties for the remainder of his term.
The decision comes amid increasing concern within the Democratic Party about his ability to serve another term, with numerous Democratic senators publicly urging him to step aside. His performance in last month’s presidential debate raised concerns, with critics citing Biden’s difficulties articulating his vision for the country.
Prominent Democrats, including California Representative Adam Schiff, and reportedly former Speaker of the House Nancy Pelosi and former President Barack Obama, have also been pressuring Biden to withdraw. Major party donors and influential figures like actor George Clooney have echoed these sentiments, emphasizing the potential damaging impact of Biden’s continued campaign on down-ballot Democratic candidates.
Biden’s decision had significant financial implications, as donors like Abigail Disney threatened to halt all Democratic donations until a replacement candidate was selected. Quite significant was the reported withholding of up to $90 million in funding from a Biden super PAC until the incumbent president stepped aside from the race.