Delaware: US President Joe Biden has announced that he is not seeking re-election in the "best interest" of the party and the country. Biden said he will speak to the nation later this week in more detail about his decision.

"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. I will speak to the Nation later this week in more detail about my decision," Biden stated in a letter posted on X, just four months before the presidential elections in the US.

His decision comes after many prominent faces from the Democratic Party called for his withdrawal from the presidential race after his poor debate performance against Republican candidate and former president Donald Trump.

Biden has been under intense scrutiny following his incoherent performance in the nationally televised 90-minute debate with Trump on June 27.

He said that US has been a strong economy in the world and Democratic Party government have made historic investments in rebuilding the nation, lowering prescription drug costs for seniors and expanding affordable healthcare to a record number of Americans.

Biden said, "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," he added.

In a letter, Biden said it had been the greatest honour of his life to serve as US President. Biden noted that the US overcame the COVID-19 pandemic and the worst economic crisis since the Great Depression that began in 1929 and lasted till World War 2nd.

Biden said, "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 honour of my life to serve as your President."

He expressed gratitude to US Vice President Kamala Harris for being an "extraordinary partner" to him. He even thanked people who worked for his re-election.

He said, "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."

(With Inputs From Agencies)