President Joe Biden on Tuesday declared his intention to run for reelection in 2024, potentially setting up a rematch with his predecessor former President Donald Trump.

In a video that was released on Tuesday, Biden presented the upcoming contest as a battle against "Republican extremism," implying that he needs more time to fully accomplish his goal of restoring the nation's character.

Biden will be competing in a race that has so far been dominated by Trump on the Republican side, as he launched his third bid for the presidency in November.

It is unlikely that any major Democratic challengers will emerge to run against Biden, with only two candidates currently in the race: Marianne Williamson, a self-help guru, and Robert F. Kennedy Jr., an environmental and anti-vaccine activist.