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The stories that matter on money and politics in the race for the White House
US President Joe Biden has abandoned his re-election bid following overwhelming pressure from fellow Democrats, saying that “it was in the best interest of my party and the country for me to stand down”.
The president announced his decision in a letter published to social media on Sunday, throwing this year’s White House race into turmoil with less than four months to go until voters in the world’s biggest economy elect their new leader on November 5.
“It has been the greatest honor of my life to serve as your president,” Biden said, adding he would speak to the country “later this week in more detail about my decision.”
The president’s unprecedented decision will reverberate across the globe, injecting new uncertainty into US policy and the White House’s authority on the world stage at a moment of acute geopolitical tension, from the Indo-Pacific to Gaza and Israel.
Biden’s announcement follows more than three weeks of wrenching debate among Democrats about his candidacy after a disastrous debate performance against Trump reignited concerns about his mental acuity and damaged his standing among American voters. An Associated Press poll out last week found nearly two-thirds of Democratic voters said Biden should drop out of the race.
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