Biden talks about passing torch in address

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.

About 500 White House staffers will be gathered together tonight to watch President Biden's remarks from the White House State Floor, which includes the East Room and State Dining Room.

Just before 7 p.m., there was a procession of staffers making their way over from the Eisenhower Executive Office Building, where most staffers work, to the White House North Portico entrance.