Biden talks about passing torch in address

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.

Democratic delegates and donors are say they are "relieved" and "thrilled" that President Biden has made the decision to step down, but they are divided on the best path forward.

"No one I know wants a coronation. In fact, Kamala will be stronger to go through a mini primary and we need to have an alternative or two," one key donor told ABC News.

"We need to put best ticket together and let delegates vote," the donor added. "Not sure it'll happen but we are trying."

Another delegate and donor told ABC News they are fully behind Harris.

"Now big donor money will start flowing again. His selfless act will save our republic," a second donor said.

In a statement on X, Sen. Cory Booker expressed his "profound gratitude" to Biden following news that he would end his reelection campaign.

"I cannot overstate the gravity of the noble and history-making decision that President Biden just made. The feeling that I have right now is one of profound gratitude," Booker wrote. "I am grateful that Joe Biden has been a friend, the most dedicated of public servants, and an extraordinary president."

"I am grateful that we have a president whose patriotism and love of country drove him to run and win against demagoguery in 2020, and who now, because of that same fierce love and devotion to his fellow Americans, has decided to be the bridge to a new generation of leaders," he wrote.

Democratic Senate Majority Leader Chuck Schumer praised President Biden's legacy and said he "put the country, his party, and our future first" with his decision Sunday.

"Joe, today shows you are a true patriot and great American," he said.

Schumer's statement comes days after sources told ABC News that Schumer privately urged Biden to drop out of the race.

Schumer had a blunt conversation with Biden, sources said, making the case it would be best if Biden dropped out of the 2024 presidential race.