After weeks of intense media speculation and sustained pressure from Democratic lawmakers, major donors, and senior advisors, President Joe Biden has announced that he is bowing out of the presidential race. He is the first sitting president to step aside so close to Election Day. “I believe it is in the best interest of my party and the country for me to stand down and focus entirely on fulfilling my duties as president for the remainder of my term,” Biden said in a letter on Sunday.
He endorsed his vice president, Kamala Harris, to take his place. “Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year,” he said in another statement. Not long after, Harris announced via the Biden campaign that she intends to run for president. “I am honored to have the president’s endorsement and my intention is to earn and win this nomination,” she said.
During his term, President Biden managed to shepherd a surprising number of major policies into law with a razor-thin Democratic majority in the Senate. His crowning achievement is signing the Inflation Reduction Act, or IRA — the biggest climate spending law in U.S. history, with the potential to help reduce greenhouse gas emissions up to 42 percent below 2005 levels by 2030. In announcing his withdrawal, Biden called it “the most significant climate legislation in the history of the world.”