The Facts

• In a speech delivered from the Oval Office on Wednesday, Pres. Joe Biden explained why he's no longer seeking reelection, saying it's time to "pass the torch to a new generation" of Democratic leaders who can help defend democracy.

• Biden used swaths of the 11-minute speech to laud his first-term accomplishments, look ahead to achievements he hopes to obtain in his final months in office, and to further endorse Vice Pres. Kamala Harris, who is the favorite to win the Democratic presidential nomination to oppose Republican former Pres. Donald Trump this November.