5 things to know for July 22: Biden drops out, Harris ascends, VP speculation, Trump reaction, Campaign cash

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Welcome to a special edition of 5 Things, where we catch you up on the latest developments in President Joe Biden’s stunning exit from the 2024 race. Here’s what you need to know to Get Up to Speed and On with Your Day. President Joe Biden has ended his reelection bid and endorsed Vice President Kamala Harris to succeed him. “It has been the greatest honor of my life to serve as your President,” Biden wrote in a letter. “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 stand down,” he added. Biden said he will finish his term and speak to the nation later this week in more detail. In a follow-up post, Biden praised Harris and urged Democrats to unite behind her. “It’s time to come together and beat Trump. Let’s do this,” Biden wrote. His departure marks the first time a US president has dropped out of a reelection run in decades, recalling memories of President Lyndon Johnson deciding against seeking a second full term in 1968. Vice President Harris said in a statement that she was “honored” to receive President Biden’s endorsement and intends to “earn and win” the Democratic nomination. While it remains unclear if Harris will go unchallenged, she has already received a groundswell of support from Democratic lawmakers backing her ascension to become the first Black woman and first Asian American to lead the ticket of a major political party. The makeup of the ticket now rests with the roughly 4,700 delegates who will vote for a new standard-bearer at the Democratic National Convention in August. CNN has so far been able to identify more than 500 endorsements for Harris from Democratic delegates — and analysts say that number will grow as the party continues to coalesce around her 2024 campaign. With the election less than four months away, Harris must now quickly narrow her focus on a handful of potential running mates. Democratic Rep. Jim Clyburn, a close ally of President Biden’s who has endorsed Harris, weighed in on several possible options for her to select as a running mate if she gets the nomination. The South Carolina Democrat said he likes Pennsylvania Gov. Josh Shapiro and noted that North Carolina Gov. Roy Cooper is in play. Some Democrats hope there will be an open race for Harris’ running mate with a focus on other Democratic governors, including Kentucky Gov. Andy Beshear, Illinois Gov. J.B. Pritzker and Minnesota Gov. Tim Walz. Speculation is also swirling around Michigan Gov. Gretchen Whitmer, who joined a campaign staff call for Harris on Sunday night, sources told CNN. Minutes after President Biden announced his exit from the race, former President Donald Trump described him as going “down as the single worst president by far in the history of our country.” Trump’s campaign managers echoed his remarks with a blistering statement tying Harris to the Biden administration’s policies. Trump went on to suggest that the next debate move from the agreed-upon host network, ABC, to Fox News. Sources say Trump’s team is planning a series of negative advertisements going after Harris’ record — not only under the Biden administration but also during her time as a prosecutor and attorney general in California. Trump’s campaign and allies also plan to argue that Harris is the person in the administration responsible for the border crisis, a key theme in GOP messaging this year.