By Yared Seyoum
- Biden, who will turn 81 later this year, is the oldest president in American history.
U.S. President Joe Biden said on Sunday he will not seek re-election in 2024, bowing to pressure from fellow Democrats who had raised concerns about his ability to mount another campaign.
In a letter posted on Twitter, Biden said it was in the best interest of his party and the country for him to stand aside, abruptly ending his hopes of a second term in the White House.
"It has been the greatest honor of my life to serve as your president," Biden said, adding that he would address the nation later this week to explain his decision further.
“it was in the best interest of my party and the country for me to stand down,” Biden added.
Biden's surprise announcement throws the November 2024 presidential election wide open. With the campaign already underway, Democrats must now scramble to find a new standard-bearer to challenge expected Republican nominee Donald Trump.
The president's move comes after weeks of Democratic hand-wringing over Biden's performance, amid concerns about his ability to take on Trump in what was expected to be a bruising campaign. A poll last week found two-thirds of Democratic voters wanted Biden to step aside.
Biden's exit injects new uncertainty into U.S. politics and policymaking globally at a time of geopolitical tensions in areas such as the Taiwan Strait, Ukraine and Israel-Palestine. Financial markets often seek stability and predictability from the White House.
The president, who turns 80 this year, is the oldest person ever to hold the U.S. presidency. His decision not to run again will fuel further questions about whether the Democratic Party should embrace candidates from a younger generation in 2024.