South Bend, Ind., Mayor Pete Buttigieg (D) said on Monday that he will not seek another term in the mayor's office, a move that could portend a possible 2020 bid for the Democratic presidential nomination.

"The responsibility of leading an administration also includes the responsibility to recognize when it is time to get ready to move on," Buttigieg said in a news conference at his office.

"I know now that the time has come to prepare the city for new leadership again."

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Buttigieg's announcement came just three days before he is expected to speak at a holiday party for the liberal group Progress Iowa in Des Moines — an engagement seen as significant because of Iowa's status as the first state to hold caucuses in presidential election years.

Buttigieg became the youngest person to serve as the mayor of a city with a population of more than 100,000 when he took office in 2012 at the age of 29. He won a second term in 2015.

But speculation has long swirled that Buttigieg, now 36, planned to seek higher office.

He ran unsuccessfully for Democratic National Committee (DNC) chairman in 2017. But that bid helped him build a national profile and raised his stature among national Democrats, whose support would be crucial in a potential presidential run.

Still, if he mounts a presidential campaign, Buttigieg is likely to face a crowded primary field, including a large number of possible opponents with sweeping national profiles.

Former Vice President Joe Biden Joe BidenBiden on Trump's refusal to commit to peaceful transfer of power: 'What country are we in?' Democratic groups using Bloomberg money to launch M in Spanish language ads in Florida Harris faces pivotal moment with Supreme Court battle MORE is said to be considering a potential White House run in 2020. As is Rep. Beto O'Rourke Beto O'RourkeJimmy Carter says his son smoked pot with Willie Nelson on White House roof O'Rourke endorses Kennedy for Senate: 'A champion for the values we're most proud of' 2020 Democrats do convention Zoom call MORE (D-Texas), who garnered a sort of rockstar status among Democrats during his unsuccessful 2018 Senate bid against Sen. Ted Cruz Rafael (Ted) Edward CruzCruz blocks amended resolution honoring Ginsburg over language about her dying wish Trump argues full Supreme Court needed to settle potential election disputes Press: Notorious RBG vs Notorious GOP MORE (R-Texas).

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