In a shocking announcement, President Joe Biden has decided to withdraw from the 2024 presidential race, endorsing Vice President Kamala Harris as the Democratic Party's nominee. The 81-year-old incumbent made this decision after facing weeks of pressure to abandon his re-election bid following a lackluster debate against former President Donald Trump.

Taking to the social media platform X, Biden expressed gratitude for the opportunity to serve as President, stating, "It has been the greatest honor of my life to serve as your President." Despite initially intending to seek re-election, Biden acknowledged that it is in the best interest of his party and the country to step down and solely focus on fulfilling his duties for the remainder of his term.

Biden mentioned that he will address the nation later in the week, providing more insight into his decision. The stunning move came as a growing number of Democrats voiced their desire for another candidate to face Trump. In a subsequent tweet, Biden highlighted his initial decision in 2020 to select Kamala Harris as his Vice President, and confidently endorsed her as the party's nominee. Encouraging Democrats to unite, he urged them to come together and defeat Trump.

Prior to the announcement, Biden and Harris had a conversation, presumably discussing the course of action. This decision by Biden draws parallels to the move made by President Lyndon Johnson in 1968, who also dropped out of the election amidst turmoil surrounding the Vietnam War and low approval ratings, influenced by a strong performance from Sen. Eugene McCarthy in the New Hampshire primary.

Despite his campaign's insistence that he would stay in the race, concerns grew following his disastrous debate against Trump in late June. Critics questioned Biden's suitability as a candidate, citing his age and perceived frailty that made him appear incapable of competing against the former president and serving a full second term if re-elected.

This unexpected development has completely reshaped the presidential race, only months away from Election Day. The Democratic Party now faces the daunting task of assembling a new presidential ticket. The chosen candidate will not only have to compete against the Republican ticket of Trump and Sen. JD Vance but also win over donors, delegates, and loyal allies who supported the incumbent. Furthermore, they must convince voters of their own qualifications to hold the highest office in the nation.

As of now, Biden's campaign has not responded to requests for comment, and CNBC has sought comments from a Trump campaign spokesman. The president's support within his own party and from allies started to waver following the June 27 debate, where he appeared visibly less energetic compared to Trump. Party operatives immediately expressed doubts about Biden's ability to effectively campaign against Trump, leading high-profile Democratic donors and supporters to openly urge his withdrawal and withhold campaign contributions.

With the departure of President Biden, the race for the presidency enters a new phase, as the Democratic Party scrambles to find a new candidate who can rise to the challenges ahead and compete for the highest office in the land.