In his Oval Office address later this evening, Biden will discuss his decision to withdraw from the 2024 race and endorse Vice President Kamala Harris.

"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," he will say, according to excerpts of his speech released by the White House.

He will also reiterate his commitment to seeing out the remainder of his term.

"Over the next six months I will be focused on doing my job as president," he will say. "That means I will continue to lower costs for hard-working families and grow our economy. I will keep defending our personal freedoms and our civil rights – from the right to vote – to the right to choose."

-ABC News' Molly Nagle

Kamala Harris' virtual presidential nomination could start Aug. 1, but may be pushed back if other qualified candidates jump in the race

The Democratic National Convention's Rules Committee voted 157-3 on Wednesday to adopt a plan that allows the party to start its virtual presidential nomination process as soon as Aug. 1.

While Harris secured commitments from enough delegates to become the presumptive nominee if they all honor their commitment when voting, according to ABC News reporting, the plan approved on Wednesday allows for other candidates to jump in the race. They have from Thursday, July 25, until Saturday, July 27, at 6 p.m. ET to toss their names in the ring.

After filing a declaration of intent, all potential candidates will need to qualify to be considered for the nomination by filing a formal and notarized declaration of candidacy with the DNC, meeting party and legal qualifications to be president, and securing 300 delegate signatures electronically, not more than 50 of which may come from one delegation, according to the committee. The window to submit qualification materials ends on Tuesday, July 30, at 6 p.m. ET.

The rules adopted on Wednesday state that if only one candidate for nomination reaches the delegate support threshold to be considered by the convention, electronic voting by the delegates will begin on Aug. 1.

There is no set end date to virtual voting, but the rules committee said it should be completed "by early August."

-ABC News' Isabella Murray, Oren Oppenheim and Jacob Steinberg

More than 1,100 LGBTQ leaders, celebrities and figures have signed an open letter endorsing Vice President Kamala Harris in the 2024 presidential race.

The letter, released Wednesday to ABC News by the Human Rights Campaign, includes signatures from Sophia Bush, George Takei, Colman Domingo, Zachary Quinto, Jinkx Monsoon; Congress members Ritchie Torres, Mark Takano and Becca Balint, and Delaware State Senator Sarah McBride.

“Vice President Kamala Harris is a galvanizing trailblazer and has been a champion for LGBTQ+ equality for decades: leading the fight in San Francisco against hate crimes, working to end the so-called gay and transgender ‘panic defense’ in California, and, as an early supporter of marriage equality, refusing to defend the unconstitutional Proposition 8,” the letter said.

The letter touts the Biden-Harris administration’s policy record as “the most pro-LGBTQ+ administration in history” for passing the Respect for Marriage Act, advancing non-discrimination protections, expanding data collection, among other LGBTQ-related initiatives.

Several LGBTQ groups including the National LGBTQ Task Force Action Fund and the LGBTQ+ Victory Institute have also spoken out in favor of a Harris presidency.

“The community is sending a message loud and clear: we are united in support of the experienced, tough, pro-equality Vice President Kamala Harris and will do everything it takes to defeat Donald Trump and JD Vance,” said Human Rights Campaign President Kelley Robinson.

The LGBTQ voting bloc is expected to grow in the next two decades, nearing one in five voters by 2040, according to a federal data analysis by the Human Rights Campaign and Bowling Green State University.
-ABC News' Kiara Alfonseca

Harris, addressing the historically Black Zeta Phi Beta Sorority's Grand Boulé in Indianapolis on Wednesday, said President Joe Biden will talk about his decision to abandon his reelection bid and his "extraordinary" accomplishments as president during his planned speech Wednesday night.

"Our president will address the nation about his decision to step down as a candidate, and he will talk about not only the work, the extraordinary work that he has accomplished, but about his work in the next six months," Harris said.

"Joe Biden is a leader with bold vision. He cares about the future. He thinks about the future. He has extraordinary determination and profound compassion for the people of our country. And I say that because I know that we are all deeply, deeply grateful for his service to our nation," she added.

-ABC News' Gabriella Abdul-Hakim, Fritz Farrow, and Will McDuffie