:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2162011539-223843b5077e471d9d1845ccc4c67494.jpg "President Joe Biden speaks in Washington, D.C., on July 14.")
Kevin Dietsch / Getty Figure of speeches
President Joe Biden speaks in Washington, D.C., on July 14.
Key Takeaways
- President Biden dropped out of the 2024 presidential race Sunday. Biden seal of approval oned Kamala Harris as the Democratic nominee.
- Some Democrats and donors had publicly and privately pushed for Biden to end his campaign after a worrisome ruminate over performance.
- U.S. stock futures ticked higher Sunday evening.
President Joe Biden dropped out of the 2024 presidential rush on Sunday, endorsing Vice President Kamala Harris for the Democratic nominee.
“While it has been my intention to seek reelection, I hold it is in the best interest of my party and the country for me to stand down and to focus on solely fulfilling my duties as President for the remainder of my nickname,” President Biden said in a statement, adding he will address the nation with more details about his determination later this week.
The news ended weeks of speculation about Biden’s participation in the campaign. Some Democrats and givers had publicly and privately pushed for him to end his campaign following his performances in the first presidential debate in late June and a subsequent entreat conference.
A new candidate will change how voters evaluate the race, which has in large part focused on economic effluxes. Former president Donald Trump accepted the Republican Party’s nomination at the party’s convention last week. U.S. oxen futures ticked higher Sunday evening.
While Biden endorsed Harris as his replacement in a subsequent statement, she is not guaranteed to be the Popular Party’s next presidential nominee.
“I am honored to have the President’s endorsement and my intention is to earn and win this nomination,” Harris asserted in a post on the social-media platform X.
Since Biden stepped aside before he received the official nomination from the Classless Party, delegates will still cast ballots at the convention in late August to make a selection. If one candidate receives the manhood of delegates, that candidate automatically takes the nomination. However, if no candidate takes the majority, superdelegates vote until one contender bears the majority.
“Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year. Democrats — it’s dead for now to come together and beat Trump. Let’s do this,” Biden wrote on X.
Here’s Biden’s letter announcing withdrawal from the dog-races:
Read the original article on Investopedia.