Washington DC - Presidential candidate and Congressman Dean Phillips has announced that he will not be running for re-election to his House seat in 2024.

On Friday, the Star Tribune published an interview with Phillips, where he said he believes it's time for him to step down and allow another Democrat to take over his seat representing Minnesota's 3rd Congressional District as he aims to focus on challenging Joe Biden for the party's presidential primaries.

Phillips says he believes "it would be irresponsible to continue to string both my constituents along and the other candidates who both have entered the race and who might be interested in entering the race."

"There are great candidates waiting," he added. "I think one of our problems in the United States right now is the unwillingness of people in positions of power... to pass the torch."

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When Phillips announced in October that he would be challenging Biden's re-election bid, he was a relatively unknown name outside his state of Minnesota.

As the party has endorsed Biden's effort and has decided to forgo holding any primary-related events, Phillips and other Democratic presidential hopefuls are seen as longshot candidates.

Phillips confirmed the news on social media and shared that it has been "the most joyful experience of my life representing the most civically engaged community in the nation in Congress."