Vice President Joe Biden put an end to speculation that he would jump into the 2016 presidential race on Wednesday, announcing that he has decided not to seek the Democratic nomination.

"While I will not be a candidate, I will not be silent," he said in a speech in the White House Rose Garden while his wife, Jill, and President Barack Obama stood by his side. "I intend to speak out clearly and forcefully, to influence as much as I can where we stand as a party and where we need to go as a nation."

Biden also urged for the end of partisanship and called for Democrats to continue Obama's policies and legacy.

In response to Biden's announcement, Democratic National Committee Chair Rep. Debbie Wasserman Schultz released the following statement, saying, "I appreciate Vice President Joe Biden giving thoughtful consideration to seeking the Democratic nomination for president in 2016. While Vice President Biden will not be a candidate next year, his unwavering commitment to America's working families is a legacy each of our candidates will proudly carry forward."

In addition, Republican National Committee Chairman Reince Priebus released a statement, saying that Biden's decision not to run will greatly increase the likelihood that a Republican will be elected as president.

"The Vice President's decision not to enter the 2016 race is a major blow for Democrats, who now will almost certainly be saddled with their unpopular and scandal plagued front-runner Hillary Clinton," said Priebus. "Vice President Biden was the most formidable general election candidate the Democrat Party could have fielded, and his decision not to challenge Hillary Clinton greatly improves our chances of taking back the White House. With each revelation about her growing email scandal or conflicts of interest at her State Department, Hillary Clinton is getting more beatable by the day."

House Democratic Caucus Chairman Xavier Becerra, member of the Congressional Hispanic Caucus, issued a statement following Biden's decision.

"Joe Biden: all class, all American. That's how I would describe our Vice President of the United States," said Becerra. "He is a leader who has never deviated from his mission to tirelessly serve hardworking Americans everyday. Vice President Biden earned the right to make a decision about his future on his terms. I look forward to working with him in the months ahead."