 Again, 81-year-old President Biden issuing a statement half an hour ago. He is dropping out of the race for re-election. The Democratic National Convention, where he was to have been formally nominated, scheduled to begin August 19th in Chicago. CBS News Special Report. I'm Deborah Rodriguez. And, of course, this announcement comes as the latest jolt to the campaign for the White House for both political parties as they see the most consequential election in generations coming just days.