WASHINGTON D.C. (CBS) — Vice President Joe Biden announced Wednesday afternoon that he will not run for president.

Biden made the announcement from the White House Rose Garden. His wife Jill and President Barack Obama stood by his side as he delivered his speech.

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“Beau is our inspiration. Unfortunately, I believe we are out of time, the time necessary to mount a winning campaign for the nomination.”

“While I will not be a candidate… I will not be silent. I intend to speak out clearly and forcefully to influence as much as I can where we stand as a party and where we need to go as a nation.”

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Biden said. “I believe President Obama has led this nation from crisis to recovery and we’re now on the cusp of resurgence. I’m proud to have played a part in that. This party, our nation will be making a tragic mistake if we walk away or attempt to undo the Obama legacy.”

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Delaware Governor Jack Markell released the following statement following Vice President Biden’s announcement: ‘Joe Biden is beloved by many, not just in Delaware, but throughout the country and around the world. He connects to people on a personal level, has dedicated his life to supporting the middle class, and has provided tremendous leadership in promoting U.S. interests around the world – all of which would have made him a formidable candidate. This was a deeply personal decision and I respect the choice he has made.’