 California Congressman Adam Schiff calls on him to drop out of the race. CBS's Nicole Killian. In a statement to CBS News, Schiff calls Mr. Biden one of the most consequential presidents in history, but says it's time for him to pass the torch. A Biden campaign official says the president has made clear he is staying in the race and points to support from other congressional Democrats. Presidents just announced he'll cancel another $1.2 billion in student debt for 35,000 additional people.