WASHINGTON, July 21. /TASS/. US President has announced his intention to stand down from the presidential race and not to seek reelection.

"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," he said in a statement posted on his X page.

He promised to speak to the nation later this week about his decision. In his statement, he listed his achievements as the US President. However he ony mentioned issues of foreign policy, saying only that his administration "revitalized and strengthened our alliances around the world."

Presidential election will be held in the United States on November 5. Biden was supposed to remain at the top of the Democratic ticket. He is expected to be formally nominated at the Democratic National Convention in Chicago, Illinois, on August 19-22. However, after his fiasco at the televised election debate with Republican Donald Trump on June 27, calls intensified, particularly among Democrats, for the incumbent president to drop out of the race.