Washington, October 21 (RHC)-- U.S. Vice President Joe Biden announced Wednesday he will not pursue a 2016 presidential bid, bringing an end to weeks of speculation over whether or not he would shake up the Democratic primary.

In statement released at the White House, Biden said: "I think we're out of time, the time necessary to mount a winning campaign."

Joe Biden, who has run for president twice before, has delivered signs over the past month that he was seriously considering making a late entrance into the race. He and close aides have reached out to potential supporters in the early voting states to assess how much support he would have if he mounted a run.

An NBC News/Wall Street Journal poll released this week showed Biden trailing both Hillary Clinton and Bernie Sanders in support among Democrats across the United States.