US president says he dropped out of race to "unite my party"         US President Joe Biden speaks during an address to the nation about his decision to not seek reelection, in the Oval Office at the White House in Washington, DC, on July 24, 2024. — AFP

President Joe Biden said on Wednesday he is "passing the torch to a new generation" as he explained his abrupt departure from the 2024 presidential race to Americans for the first time on Wednesday night, in an Oval Office address capping over 50 years in politics.

"I revere this office," Biden said. "But I love my country more."

Biden, 81, rebuffed weeks of pressure from Democrats to step aside after a disastrous debate performance on June 27, saying at one point that only the "Lord Almighty" could convince him to go.

“I have decided the best way forward is to pass the torch to a new generation. That is the best way to unite our nation," Biden said.

Biden made his decision after days of soul-searching and agonising over internal polling that predicted he could lose against Republican Donald Trump in November and drag down fellow Democrats with him.

"The great thing about America is here, kings and dictators do not rule. The people do. History is in your hands. The power is in your hands. The idea of America – lies in your hands," Biden said.

This is Biden's first extended public remarks since he relented to pressure from fellow Democrats and announced on Sunday via social media that he had decided not to seek reelection on November 5.

Biden is the first incumbent president not to seek reelection since 1968 when Lyndon Johnson, under fire for his handling of the Vietnam War, abruptly pulled out of the campaign on March 31.

Biden also joins James K Polk, James Buchanan, Rutherford B Hayes, Calvin Coolidge and Harry Truman as presidents who all decided not to stand for a second elected term.

Biden faced calls to step aside after his rocky performance in the debate against Trump raised troubling questions about his mental acuity.

Since he stepped aside, however, Democrats have rallied around him, paying tribute to his character and his record as president.

A crowd of staff walked into the White House earlier in the evening to watch the speech together. An official said a reception and "viewing party" were being held across the White House' state floor for Biden's address.

The White House has denied that Biden has any cognitive issues despite a recent increase in verbal slipups.

Biden said he will focus on his job as president over his remaining six months in office. He is to meet with Israeli Prime Minister Benjamin Netanyahu on Thursday on efforts to negotiate a Gaza ceasefire.

It was the fourth time Biden used the formal setting of the Oval Office since taking office in 2021. His last Oval Office speech was on July 15 when he urged Americans to cool the political rhetoric after the attempted assassination of Trump.

Biden's political career began when he was elected to the Senate in 1972 at age 29, becoming the sixth youngest US senator. He will conclude his White House tenure on January 20, 2025, as the oldest American president when he will have already turned 82.

“The defense of democracy is more important than any title," Biden said. "I draw strength, and find joy, in working for the American people. But this sacred task of perfecting our Union is not about me. It’s about you. Your families. Your futures. It’s about ‘We the People.’”