President Biden addresses nation, calls end of candidacy 'defense of democracy'

July 24 (UPI) -- President Joe Biden on Wednesday night told Americans in a prime-time address from the White House that the "best way forward is to pass the torch to a new generation" as he explained his historic decision three days ago to withdraw from the presidential race and vowed to serve out the rest of his term.

"My fellow Americans, it's been the privilege of my life to serve this nation for over 50 years. I've given my heart and my soul to our nation, like so many others. I've been blessed a million times in return with the love and support of the American people. I hope you have some idea how grateful I am," Biden said in a slightly hoarse voice after recovering from COVID-19 .

"I revere this office, but I love this country more. It has been the honor of my life to serve as your president. But the defense of democracy, which is at stake, is more important than any title," Biden added, as he called this year's presidential election an "inflection point."

"One of those rare moments in history when the decisions we make now will determine the fate of our nation and the world for decades to come," Biden said. "When you elected me to this office, I promised to always level with you, to tell you the truth. In recent weeks it has become clear to me that I need to unite my party in this critical endeavor."

"So I've decided the best path forward is to pass the torch to a new generation. It's the best way to unite our nation," Biden said. "There is a time and place for long years and experience in public life. There's also a time and a place for new voices, fresh voices, yes, younger voices. And that time and place is now."

Vow to continuing his term

During his address, Biden touted his accomplishments as president and vowed to serve out the rest of his term.

"Over the next six months, I will be focused on doing my job as president," Biden said. "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. I'll keep calling out hate and extremism and make it clear that there is no place, no place in America for political violence."

Biden also vowed to protect kids from gun violence, protect the planet from adverse climate change and reform of the Supreme Court "because this is critical to our democracy."

And the president also promised to continue his work to keep America strong as the "leader of the free world."

"I am the first president in this century to report the United States is not at war anywhere in the world," Biden claimed, as he called on nations to rally together to stop Russian President Vladimir Putin and keep NATO strong. "I'm going to keep working to end the war in Gaza and bring home the hostages."

"We've come so far since my inauguration. Today we have the strongest economy in the world. Wages are up, inflation continues to come down. We're also securing our border. Border crossings are lower today than when the previous administration left office," Biden said as he turned his attention to the upcoming election.

"I ran for president four years ago because the soul of America is at stake," Biden said. "That's still the case."

Praise for Harris, American people

"In just a few months, Americans will choose the course of America's future," Biden said as he thanked Vice President Kamala Harris and called her "an incredible partner for me and for our country."

"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.

"The defense of democracy is more important than any title. 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.'"

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

Biden, who has roughly six months left in office, began his remarks at 8 p.m. EDT from the Oval Office . It was his first speech since bowing out of the race on Sunday and endorsing Harris.

It also was Biden's fourth speech from the historic West Wing office and second address in 10 days since the July 13 attempted assassination of former President Donald Trump in Butler, Penn.

The president returned Tuesday to the White House ahead of his Oval Office address as he continued to recover from COVID-19.

Biden, 81, had been self-isolating since last Wednesday at his vacation home in Rehoboth Beach, Del., after testing positive for the virus following a campaign event in Las Vegas and a rushed trip back to the east coast.

He took ill as pressure mounted for him to end his campaign following his dismal debate performance last month against Trump, which raised concerns over his health and mental capacity.