President Joe Biden has withdrawn from the presidential race after weeks of mounting pressure from Democrats.

He says it’s “in the best interest of my party and the country” – but will stay on for the final six months of his term.

Jo Biden endorses Kamala Harris, his vice-president, to be the new Democratic nominee.

The decision comes after weeks of intense pressure from fellow Democrats following a stumbling and sometimes incoherent debate performance against Republican Donald Trump at the end of June.

Joe Biden, 81, had resisted calls to step aside even as concerns over his mental fitness and capacity to beat Donald Trump mounted.

The announcement paves the way for another Democrat to become the party’s presidential candidate, with Vice-President Kamala Harris the most likely successor.

He will remain president until January, when the winner of the 2024 election will take office.

Joe Biden’s full statement pulling out of the race for the White House, which he posted on X a short time ago:

“My Fellow Americans, over the past three-and-a-half years, we have made great progress as a nation. Today, America has the strongest economy in the world. We’ve made historic investments in rebuilding our nation, in lowering prescription drug costs for seniors, and in expanding affordable health care to a record number of Americans.

“We’ve provided critically needed care to a million veterans exposed to toxic substances. Passed the first gun safety law in 30 years. Appointed the first African American woman to the Supreme Court. And passed the most significant climate legislation in the history of the world. America has never been better positioned to lead than we are today.

“I know none of this could have been done without you, the American people. Together, we overcame a once in a century pandemic and the worst economic crisis since the Great Depression. We’ve protected and preserved our democracy. And we’ve revitalised and strengthened our alliances around the world.

“It has been the greatest honor of my life to serve as your President. And while it has been my intention to seek re-election, 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.

“I will speak to the nation later this week in more detail about my decision. For now, let me express my deepest gratitude to all those who have worked so hard to see me re-elected.

“I want to thank Vice President Kamala Harris for being an extraordinary partner in all this work. And let me express my heartfelt appreciation to the American people for the faith and trust you have placed in me.

“I believe today what I always have: that there is nothing America can’t do – when we do it together. We just have to remember we are the United States of America.”

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VP Kamala Harris says she intends to “earn and win” the nomination and do “everything in my power to… unite our nation to defeat Donald Trump”

Kamala Harris, now 59, was the first woman and the first black person to serve as California’s attorney general, the top lawyer and law enforcement official in America’s most populous state.

She gained a reputation as one of the Democratic Party’s rising stars, coming to power after being elected as California’s junior US senator in 2017 before setting her sights on the presidential nomination in 2020.

However, her adept debate performances were not enough to compensate for poorly articulated policies.

It was Joe Biden who returned Kamala Harris to the national spotlight by putting her on his ticket as the Democrat vice-presidential candidate in that same race.

After Joe Biden and Kamala Harris won the election, she focused on several key initiatives and has been instrumental in some of the Biden administration’s most touted accomplishments, including the launch of a nationwide “Fight for Reproductive Freedoms” tour, highlighting harm caused by abortion ban, and calling on Congress to restore the protections of Roe v Wade for abortion rights.

While she struggled to achieve broad appeal among Americans, in recent weeks – as speculation about Biden swirled – she has found a renewed base of support.

President Biden’s aides had been planning campaign events next week upon his return to the White House before he announced his decision to end his election campaign.

The president informed senior White House and campaign aides of his decision to exit the 2024 race shortly before the letter was publicly released, according to a senior White House official.

He told his team he had been reflecting on it over the past couple of days.

Former President Bill Clinton and Hilary Clinton, who ran against Trump in 2016, also endorse Harris – saying Democrats must “fight with everything we’ve got to elect her”

Former President Barack Obama says Democrats will name an “outstanding nominee”, but does not endorse Kamala Harris or any candidate.

Americans go to the polls in four months – on November 5.