Joe Biden has dropped out of the 2024 presidential race

Joe Biden has confirmed that he is dropping out of the 2024 presidential election and shared his endorsement for the next Democratic candidate following widespread calls for him to withdraw from the race.

The announcement comes as pressure mounted on the incumbent president to withdraw following the first presidential debate of the election on June 27.

Many were left unimpressed over Biden's lacklustre performance as he frequently stumbled over his words, rambled aimlessly, and trailed off.

Despite being dismissed as just a bad night by the Biden campaign at the time, the debate prompted top democrats and media outlets - including the New York Times - to call on him to withdraw his candidacy.

More concerns were raised after President Biden recently contracted Covid-19 - thus halting his campaigning.

In light of his illness, Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries are said to have met with Biden individually to express worries about his bid for the White House, BBC News reported.

Now Biden has taken to social media on Sunday (July 21) to announce that he's stepping down.

His statement addressed to his 'fellow Americans' read: "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."

The statement continued: "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 revitalized 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 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."

Biden continued to say in the newly released statement that he will speak to the Nation later this week about his decision to step down and took the time to express his 'deepest gratitude' to those who have been working on his 2024 campaign.

"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," the 81-year-old went on.

"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."

Moments after sharing his decision, Biden followed up to announce his 'full support and endorsement' for Harris to be the nominee for the Democratic party going forwards.

"It’s time to come together and beat Trump," he said. "Let’s do this."

While questions about Biden's ability to run the country for another four years has been up for debate of late, support for Trump is at an all time high following the attempt on his life on Saturday (July 13).

The former president had been speaking at a rally in Pennsylvania when 20-year-old gunman Thomas Crooks shot in Trump's direction.

The 78-year-old presidential candidate turned his head at the perfect moment meaning the bullet hit his ear instead of fatally injuring him.

And Republicans have since been attending events sporting bandages like his on their right ear in support of Trump.

Biden's decision to step down comes after he announced he would be running for a second term on April 25, with Harris again standing as his running mate.

The president cited his record in government and years of experience in front line politics, telling voters: "It’s time to finish the job. Finish the job.”

Biden's campaign had hoped that his record in government and experience would counter concerns around his age and fitness for office.

The campaign has also been focused on the prospect of another Trump presidency.

While there's been an influx of support for Trump recently, others previously labelled the prospect of him returning to the White House a threat to US democracy - including Merck CEO Kenneth Frazier.

Frazier told the Financial Times: “Returning President Trump to the White House will threaten our democracy and severely weaken our economy.”

Now that Biden has dropped out, the Democrats must rush to find another presidential candidate to challenge Trump.

Harris has already got a proven track record in government, however another option could be Gretchen Whitmer, the governor of Michigan.

Whitmer has been touted as a potential candidate in 2028, but Biden's withdrawal may bring that forward.

There is also California governor Gavin Newsom, another would-be 2028 nominee who Democratic pundits have suggested as a potential stand-in for Biden.

Transportation Secretary Pete Buttigieg has also made no secret of his presidential ambitions.

He has a proven track record overseeing crises in his current office including the Baltimore Bridge collapse and the East Palestine train derailment.

With there not being enough time to stage a primary it is possible that the new candidate will be chosen at the Democrats' upcoming National Convention in Chicago this August.

Regardless of who they select to replace Biden, the Democrats will have to choose fast to avoid losing too much ground.