Biden talks about passing torch in address

Biden laid out what he wants to focus on for the remainder of his term, including

"I'll continue to lower costs for hardworking families, grow our economy," he said. "I'll keep defending our personal freedoms and our civil rights from the right to vote to the right to choose. I'll keep calling out hate and extremism and make it clear there is no place, no place it's in America for political violence or any violence."

He went on to say he will continue speaking out against gun violence, working on his Cancer Moonshot initiative and calling for reforms to the Supreme Court.

But getting any legislation passed in a pivotal election year will be difficult with a split Congress.

During his speech, the president talked about his reflecting on saving democracy and his bid for a second term.

Ultimately he decided it was in the best interest to end his campaign.

"Nothing can come in the way of saving our democracy, that includes personal ambition. So I've decided the best way forward is the pass the torch to the new generation," he said.

"There is a time and a place for long years of experience in public life. There's also a time and a place for new voices, fresh voices and yes, younger voices. And that time and place is now," he added.

President Biden began his remarks by noting the history of the Oval Office and the men who came before him.

"I revere this office but I love my country more," he said.

"It's been the honor of my life to serve as your president but the defense of democracy, which has a stake, I think is more important than a title."

Biden's bombshell announcement was delivered in a letter to Americans posted on social media on Sunday as he recovered from COVID-19 at his residence in Rehoboth, Delaware.

The post on X came just one minute after he told staff of his decision, sources told ABC News.

"It has been the greatest honor of my life to serve as your President," Biden wrote. "And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term."

Tonight's speech will be his first time discussing his decision at length and in front of the cameras to the nation.