Election 2024 updates: Gov. Andy Beshear says JD Vance 'ain't from Appalachia' while campaigning for Harris

Biden laid out what he wants to focus on for the remainder of his term, including

"I'll continue to lower costs for hardworking families, grow our economy," he said. "I'll 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 there is no place, no place it's in America for political violence or any violence."

He went on to say he will continue speaking out against gun violence, working on his Cancer Moonshot initiative and calling for reforms to the Supreme Court.

But getting any legislation passed in a pivotal election year will be difficult with a split Congress.

2:02

Biden lays out his priorities for next six months"I'll continue to lower costs for hardworking families, grow our economy," the president said.

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During his speech, the president talked about his reflecting on saving democracy and his bid for a second term.

Ultimately he decided it was in the best interest to end his campaign.

"Nothing can come in the way of saving our democracy, that includes personal ambition. So I've decided the best way forward is the pass the torch to the new generation," he said.

"There is a time and a place for long years of experience in public life. There's also a time and a place for new voices, fresh voices and yes, younger voices. And that time and place is now," he added.

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Biden says he re-thought second termDuring his speech, the president talked about his reflecting on saving democracy and his bid for a second term.

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President Biden began his remarks by noting the history of the Oval Office and the men who came before him.

"I revere this office but I love my country more," he said.

"It's been the honor of my life to serve as your president but the defense of democracy, which has a stake, I think is more important than a title."

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Biden: 'I revere this office but I love this country more'President Biden began his remarks by noting the history of the Oval Office and the men who came before him.

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A person who has spent time with Biden and his family over the last couple of days told ABC News that "contrary to the reports I have heard there is no anger or remorse here."

"There is in only a deep sense of pride and an enormous amount of gratitude and appreciation for the overwhelming recognition of him as a true patriot and historic defender of democracy," the source said.

"I believe that it will be remembered as one of the most selfless acts done in the interests of the greater good in the history of American politics," they added.

-ABC News' Eric Avram