Read President Joe Biden's full letter announcing he's leaving 2024 race

President Joe Biden announced to the nation on Sunday that he is "standing down" from running in the 2024 presidential race.

The news comes as several top Democratic voices called for him to step aside from his bid for reelection after a shaky debate performance against former President Donald Trump in June.

Watch the ABC News special, "Biden Stands Down: The Race for the White House," tonight from 7-9 p.m. ET on ABC and ABC News Live.

Read Biden's full letter announcing his departure from the 2024 race below:

"My Fellow Americans, 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.

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 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. I will speak to the Nation later this week in more detail about my decision.

For now, let me express my deepest gratitude to all those who have worked so hard to see me reelected. 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."

In a follow-up message on X on Sunday, Biden also announced that he's endorsing Vice President Kamala Harris.

"My fellow Democrats, I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term. My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it’s been the best decision I’ve made. Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year. Democrats -- it’s time to come together and beat Trump. Let’s do this," he wrote.