Joe Biden: NOT Running For President in 2016!

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The 2016 race for the White House just got a little less crowded.

Vice President Joe Biden announced moments ago that he will not seek his party's nomination for next year's presidential election:

"Unfortunately, I believe we're out of time, the time necessary to mount a winning campaign for the nomination," Biden said in a press conference held at the White House. "While I will not be a candidate, I will not be silent."

Rumors that the beloved VP would throw his hat into the ring have been circulating for months now.

The scrutiny and speculation only increased following the death of Biden's son Beau back in May, as the 46-year-old had repeatedly encouraged his father to strive for the nation's highest office.

It turns out family did indeed afctor into the Biden's decision, but not in the way that many pundits expected.

"The most relevant factor in my decision is whether my family and I have the emotional energy to run,” Biden said last month.

“Some might think that is inappropriate. Unless I can go to my party and the American people and say that I am able to devote my whole heart and my whole soul to this endeavor it would not be appropriate.”

Biden said today that he plans to make his family his top priority as the grieving process for his son continues.

His decision means the race for the Democratic nomination will remain a two-way contest between Sen. Bernie Sanders of Vermont and former senator and secretary of state Hillary Clinton.

Virginia Senator Jim Webb ended his campaign yesterday, and lesser-known candidates Martin O'Malley and Lincoln Chafee are expected to follow suit in the near future.

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