President Joe Biden addressed the nation from the White House Rose Garden Thursday morning, two days after an Election Day that gave Republicans their largest margin of victory in a presidential race since 1988.
Watch live: Biden gives speech following Trump's win
In his remarks, Biden commended Vice President Kamala Harris' "inspiring" campaign.
"Everyone got to see something that I learned early on and respect so much: her character," President Biden said during his remarks about Harris.
He also committed to a peaceful transition of power as the end of his presidential term nears.
Although President Biden had dropped out of the in July following a disastrous performance in his one and only debate against Donald Trump, the 2024 election could be seen as a rebuke of Biden's performance over the last four years. President-elect Trump garnered a projected 312 Electoral College votes versus 226 for Harris.
Trump is also ahead in the popular vote, which could mark just the second time in three decades that a Republican wins the popular vote.
Watch: Trump transition plans for 2nd term in White House underway after Harris concedes
On Wednesday, the White House said that President Biden called President-elect Trump to congratulate him on winning the presidency. The White House added that President Biden had invited President-elect Trump to the White House to begin the transfer of power.
President Biden also released a statement on Wednesday, calling Harris a "tremendous partner." The president endorsed Harris minutes after dropping out of the presidential race, all but assuring her the Democratic nomination without any competition.
"Under extraordinary circumstances, she stepped up and led a historic campaign that embodied what’s possible when guided by a strong moral compass and a clear vision for a nation that is more free, more just, and full of more opportunities for all Americans," President Biden said. "As I’ve said before, selecting Kamala was the very first decision I made when I became the nominee for president in 2020. It was the best decision I made. Her story represents the best of America’s story. And as she made clear today, I have no doubt that she’ll continue writing that story."
RELATED STORY | US presidents react to Donald Trump winning 2024 presidential election
Given Harris' poor showing in battleground states, it will be long debated whether President Biden should have dropped out of the race.
According to Gallup, President Biden's approval rating has hovered around 40% all year. As of mid-October, it was 41%.
