Biden says passing torch to new generation will unite the nation

US President Joe Biden in an Oval Office address Wednesday explained his decision to withdraw from the presidential race, saying the best way to unite the nation is by handing over leadership to a younger generation.

"I decided the best way forward is to pass the torch to a new generation. That's the best way to unite our nation," he said after exiting the race following mounting pressure from his fellow Democrats.

He also endorsed Vice President Kamala Harris as the Democratic nominee for president ahead of the November election.

"I need to unite my party in this critical endeavor," said Biden. "I revere this office, but I love my country more.”

"It's been the honor of my life to serve as your president. But in the defense of democracy, which is at stake, I think it's more important than any title, he added.

The president also praised Harris, describing her as "tough" and "capable."

"She's been an incredible partner to me and a leader for our country. Now the choice is up to you, the American people," he said.

Biden said he will be focused on doing his job as president over the next few months, citing working to lower costs for families, growing the economy, defending freedoms, calling out hate and extremism and protecting children from guns.

He said he will keep rallying a coalition of nations to stop Russian President Vladimir Putin from taking over Ukraine and keep NATO stronger as well as the allies in the Pacific.

Biden also noted that when he assumed office in 2020, the conventional wisdom was that China would surpass the United States, saying “that's not the case anymore.”

He also said he will work to end the war in Gaza.

"And I'm going to keep working to end the war in Gaza, bring home all the hostages and bring peace and security to the Middle East and end this war.”