President Biden announced Sunday that he is dropping out of the 2024 presidential race, a seismic event that will leave Democrats scrambling to select his replacement just weeks before their convention. "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 my term," Mr. Biden posted in a statement on social media. Mr. Biden said he would address the nation later this week.