President Joe Biden announced he is dropping out of the presidential race on Sunday afternoon in a statement posted to X. 

Biden wrote that it was "in the best interest of my party and the country for me to stand down," adding that he would "focus solely on fulfilling my duties as president" for the rest of his term. 

pic.twitter.com/RMIRvlSOYw

— Joe Biden (@JoeBiden) July 21, 2024

The president indicated that he would address the American people later this week with more to say about his decision.

The president is widely believed to be too old and infirm to run for president again, with numerous recent glitches and slip-ups on the campaign trail exacerbating those perceptions. His debate performance last month against Republican candidate Donald Trump was perceived as disastrous, prompting a crisis within the Democratic Party as insiders debated what could be done. 

Over the last few days, pressure intensified as stories emerged that even top officials like former House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer were advising Biden to leave the race.

An immediate successor as the Democratic Party nominee was not clear. Biden's first statement thanked Vice President Kamala Harris for "being an extraordinary partner" but did not endorse her or anyone else as a potential nominee. A follow up tweet by Biden approximately 20 minutes later endorsed Harris, with the president stating, "I want to offer my full support and endorsement for Kamala to be the nominee of our party this year."

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… pic.twitter.com/x8DnvuImJV

— Joe Biden (@JoeBiden) July 21, 2024

This story is developing.