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President Joe Biden announced his decision to drop out of the presidential race in a letter posted on his official X account Sunday after growing pressure from colleagues in the Democratic party and big-name fundraisers. The president, who has been secluded while recovering from COVID-19, said he will speak to the nation in more detail later this week, reported CNN. “It has been the greatest honor of my life to serve as your President,” Biden wrote in the letter. “And 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 s…