The speech’s complete transcript can be found below.

THE PRESIDENT: To my fellow citizens, Tonight, I’m talking to you from the Oval Office behind the Resolute Desk.

I am surrounded by portraits of notable American presidents in this hallowed area. Thomas Jefferson, whose timeless words serve as this country’s compass. We learned from George Washington that presidents are not kings. Abraham Lincoln, who pleaded with us to avoid hatred. Franklin Roosevelt encouraged us to face our fears.

I love my country more than I love this office.

Serving as your president has been the greatest honor of my life. However, I believe it is more significant than any title in the defense of democracy, which is at risk.

Working for the American people gives me strength and makes me happy. It’s not about me, though, this holy work of perfecting our Union. It concerns you, your loved ones, and your prospects. “We the People” are the focus. I have never forgotten that, and neither can we.

I have stated unequivocally that I think America is at a turning point, one of the few times in history when the choices we make today will affect the course of our country and the world for many years to come. America will have to decide between going forward and going backward, between unity and division, between hope and hate.

We must determine whether we still value freedom, justice, democracy, and honesty, decency, and respect.

We can now view people with whom we disagree as friends and fellow Americans rather than as enemies. Is that possible? Does morality still matter in public life?

Because I know you, the American people, I think I know the answers to these questions.

And I am aware that the reason we are a great country is because we are good people.

I vowed to always be honest and level with you when you elected me to this position. The truth is that this nation’s sacred cause is greater than any one of us.

And those of us who value that cause—the cause of American democracy itself—must band together to defend it.

I realized in the last few weeks that I needed to bring my party together for this important undertaking. Nothing — nothing — can stop us from preserving our democracy, even though I think my record as president, my leadership in the world, and my outlook for America’s future all deserved a second term. Personal ambition is part of that.

I have therefore concluded that passing the torch to a new generation is the best course of action. That’s the best way to bring our country together.

I am aware that years of experience in public life have their place and time. However, there is also a place and a time for fresh voices, including younger ones. And right now is that moment and location.

I’ll be concentrating on carrying out my duties as president for the next six months. This implies that I will keep cutting expenses for hardworking families and expanding our economy.

I’ll continue to stand up for our civil rights and individual liberties, including the freedom to vote and make our own decisions.

Furthermore, I will continue to denounce hate and extremism and to emphasize that political violence, or any violence for that matter, has no place in America.