Minnesota Rep. Dean Phillips announced a primary challenge against Pres. Biden Fri., ending months of speculation.

Phillips kicked off his 2024 campaign Fri. with a speech in front of a statehouse in New Hampshire.

Phillips: "It is time for the torch to be passed to a new generation of American leaders."

Phillips has hinted at a run for months: in 2022, he became one of the first Democrats to call on Biden to step aside. (AP)

Phillips later told local radio station WCCO-AM in 2022 that the U.S. needed a "new generation of...dynamic Democrats."

In July, Politico reported that Phillips was meeting with several Democratic donors about a potential run.

Why is Phillips running? He told CBS News Fri. that Biden's low approval ratings pushed him to launch a bid.

Phillips: "I will not sit still...in the face of numbers...saying that we're going to be facing an emergency..." (CBS)

Who is Phillips? Phillips was first elected to the House in 2018's blue wave, flipping Minnesota's 3rd District. (Axios)

Phillips made history with his win: he became the first Democrat to represent the district since 1958. (Axios)

Could he win the presidential nomination? It's unlikely: Phillips missed the filing deadline in Nevada, a key state. (AP)