Market Data 
By Steve Holland, Trevor Hunnicutt and Jeff Mason
WASHINGTON (Reuters) -President Joe Biden said on Wednesday he pulled out of the race against Republican Donald Trump over concerns about the future of U.S. democracy, explaining he was stepping aside to allow a new generation to take over in his first public remarks since ending his re-election bid.
In an Oval Office address, Biden invoked previous presidents Thomas Jefferson, George Washington, and Abraham Lincoln as he described his love for the office that he will leave in six months, capping a half century in public office.
“I revere this office,” Biden said. “But I love my country more.”
Biden, 81, rebuffed weeks of pressure from Democrats to step aside after a disastrous debate performance on June 27, saying at one point that only the “Lord Almighty” could convince him to go. He spent days soul-searching and agonizing over internal polling that showed he could lose to Trump in November and drag down fellow Democrats with him before stepping aside.
“I’ve decided the best way forward is to pass the torch to a new generation. That’s the best way to unite our nation,” Biden said.
He praised Vice President Kamala Harris, who, after his endorsement, secured enough Democratic delegates to become the Democratic nominee in his place.
“She’s tough. She’s capable. She’s been an incredible partner to me and a leader for our country,” Biden said.
The president sprinkled his 11-minute speech with references to the danger he believes Americans face if Trump wins the Nov. 5 election, without mentioning Trump by name.
“Nothing can come in the way of saving our democracy. That includes personal ambition,” he said.
“The great thing about America is here, kings and dictators do not rule. The people do. History is in your hands. The power is in your hands. The idea of America lies in your hands,” Biden said.
It was Biden’s first extended public remarks since he relented to pressure from fellow Democrats and announced on Sunday via social media that he had decided not to seek reelection on Nov. 5.
Out of camera sight during the speech were several members of Biden’s close-knit family, and senior advisers, seated along the curved Oval Office wall. They erupted into applause when Biden completed his remarks.
Toward the end of his remarks, Ashley Biden reached for the hand of her mother, first lady Jill Biden, who was seated next to her.
Biden is the first incumbent president not to seek reelection since 1968 when Lyndon Johnson, under fire for his handling of the Vietnam War, abruptly pulled out of the campaign on March 31.
Biden also joins James K. Polk, James Buchanan, Rutherford B. Hayes, Calvin Coolidge and Harry Truman as presidents who all decided not to stand for a second elected term.
Biden faced immediate calls to step aside after his rocky performance in the debate against Trump raised troubling questions about his mental acuity.
Since he stepped aside, however, Democrats have rallied around him, paying tribute to his character and his record as president.
“Nowhere else on Earth could a kid with a stutter, from modest beginnings in Scranton, Pennsylvania, and Claymont, Delaware, one day sit behind the Resolute Desk in the Oval Office as president of the United States,” Biden said. “But here I am.”
A crowd of staff members walked into the White House earlier in the evening to watch the speech together. Staff members then cheered and applauded when they gathered to hear Biden speak after his address in the White House Rose Garden. Ice cream was served.
The White House has denied that Biden has any cognitive issues despite a recent increase in verbal slip-ups.
Biden said he will focus on his job as president over his remaining six months in office. He pledged to help make NATO stronger and more united, stop Russian President Vladimir Putin from taking over Ukraine, work toward a ceasefire deal in Gaza and push for Supreme Court reform. He is to meet with Israeli Prime Minister Benjamin Netanyahu on Thursday to discuss efforts to negotiate a Gaza ceasefire.
It was the fourth time Biden used the formal setting of the Oval Office since taking office in 2021. His last Oval Office speech was on July 15 when he urged Americans to cool the political rhetoric after the attempted assassination of Trump.
Biden’s political career began when he was elected to the Senate in 1972 at age 29, becoming the sixth youngest U.S. senator. He will conclude his White House tenure on Jan. 20, 2025, as the oldest American president when he will have already turned 82.
“I draw strength, and I find joy, in working for the American people. But this sacred task of perfecting our Union is not about me. It’s about you. Your families. Your futures. It’s about ‘We the People.’”
