US President Joe Biden spoke in the Oval Office to explain his historic decision to withdraw from the 2024 presidential election and pass the torch to Vice President Kamala Harris, VOA reports.

Biden said that he is passing “the torch to a new generation,” explaining to Americans for the first time the reason for his sudden withdrawal from the presidential race.

"I believe my record as president, my leadership in the world, my vision for America’s future all merited a second term," Biden said. "But nothing—nothing—can come in the way of saving our democracy, and that includes personal ambition. So, I decided the best way forward is to pass the torch to a new generation. It’s the best way to unite our nation."

He deeply respects this position, but he loves his country more, the US president emphasized.

“The great thing about America is here, kings and dictators do not rule—the people do,” Biden said. “History is in your hands, the power is in your hands, the idea of America lies in your hands.”

In his first address to the nation since withdrawing from the presidential race, the 81-year-old US president hailed his political legacy as noteworthy and said he would serve the remaining six months of his term.