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Vice President Joe Biden Announces He's Not Running For President
Vice President Joe Biden, followed by U.S. President Barack Obama, holds hands with his wife Jill Biden while walking to the Rose Garden to announce that he will not seek the presidency.
Win McNamee—Getty Images

In a speech Wednesday Vice President Joe Biden announced he will not be running for president, citing his son's recent death and the fact that the grieving process has closed "the window on mounting a realistic campaign."

While supporters might be disappointed by the news, there are several major reasons why Biden would have been unlikely to win the Democratic nomination—even if he had announced a run today.

Most notably? Money—as Harry Enten at FiveThirtyEight points out.

In order to match the funds raised by Democratic frontrunner Hillary Clinton, Biden would need need to drum up $33 million in cash. That doesn't even count the nearly $16 million Clinton has available via PACs and super PACs. Altogether, that's "a lot of money that can be used for advertising, direct mail, staff, travel, etc," Enten notes.

Compare that cash to the paltry-by-comparison $11 million and change that Biden raised during all of 2007. Even grassroots candidate Senator Bernie Sanders has $27 million.

Funding aside, there's been weak voter support for Biden making a late entry into the race: A recent NBC poll found that 38% of Democratic primary voters said they would prefer Biden not run, while only 30% said they wanted him to and 31% said they had no opinion.

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