Biden talks about passing torch in address

Vice President Kamala Harris has announced she intends to run for president in 2024, hours after President Joe Biden said he will be dropping out of the race.

Here's her statement in full:

"On behalf of the American people, I thank Joe Biden for his extraordinary leadership as President of the United States and for his decades of service to our country. His remarkable legacy of accomplishment is unmatched in modern American history, surpassing the legacy of many Presidents who have served two terms in office.

It is a profound honor to serve as his Vice President, and I am deeply grateful to the President, Dr. Biden, and the entire Biden family. I first came to know President Biden through his son Beau. We were friends from our days working together as Attorneys General of our home states. As we worked together, Beau would tell me stories about his Dad. The kind of father-and the kind of man-he was. And the qualities Beau revered in his father are the same qualities, the same values, I have seen every single day in Joe's leadership as President: His honesty and integrity. His big heart and commitment to his faith and his family. And his love of our country and the American people.

With this selfless and patriotic act, President Biden is doing what he has done throughout his life of service: putting the American people and our country above everything else.

I am honored to have the President's endorsement and my intention is to earn and win this nomination. Over the past year, I have traveled across the country, talking with Americans about the clear choice in this momentous election. And that is what I will continue to do in the days and weeks ahead. I will do everything in my power to unite the Democratic Party-and unite our nation-to defeat Donald Trump and his extreme Project 2025 agenda.

We have 107 days until Election Day. Together, we will fight. And together, we will win."

President Joe Biden told his senior team that he had changed his mind about staying in the race one minute before going public, a source told ABC News.

Biden told his team at 1:45 pm on Sunday, and posted his announcement to the public at 1:46 pm, the source said.

As recently as Saturday night, according to the source, Biden's message had still been "full speed ahead."

Marianne Williamson is throwing her hat back in the 2024 presidential election ring after President Joe Biden exited the race Sunday.

"The nomination of a new Democratic candidate must be opened to a genuinely democratic process at an open convention," Williamson told ABC News in a statement.

"No one should simply be anointed to the position of nominee; all candidates must be heard and their agendas explored," Williamson said, seemingly referencing Biden's endorsement of Vice President Kamala Harris.

"Our party's basic first principle is democracy," Williamson continued, adding, "We cannot save our democracy without practicing it ourselves."

"I look forward to taking my message to the American people, and convincing Democratic delegates, that I am the best candidate to take us to victory in November," Williamson said.

In a statement, former President Barack Obama lauded President Joe Biden for his decades of service and decision to leave the race. He did not mention Vice President Kamala Harris in the statement.

"Joe Biden has been one of America's most consequential presidents, as well as a dear friend and partner to me," Obama wrote. "Today, we've also been reminded -- again -- that he's a patriot of the highest order."

Obama praised Biden's "outstanding track record" in office and how he "has never backed down from a fight."

"For him to look at the political landscape and decide that he should pass the torch to a new nominee is surely one of the toughest in his life. But I know he wouldn't make this decision unless he believed it was right for America," he wrote. "It's a testament to Joe Biden's love of country -- and a historic example of a genuine public servant once again putting the interests of the American people ahead of his own that future generations of leaders will do well to follow."

Obama said he has "extraordinary confidence that the leaders of our party will be able to create a process from which an outstanding nominee emerges."

"For now, Michelle and I just want to express our love and gratitude to Joe and Jill for leading us so ably and courageously during these perilous times -- and for their commitment to the ideals of freedom and equality that this country was founded on," he wrote.