Senator Kamala Harris (D-CA) is dropping out of the presidential race.

It was expected she would stay in the race at least until Iowa, so this comes as a surprise to many. In a statement she wrote:

I’ve taken stock and looked at this from every angle, and over the last few days have come to one of the hardest decisions of my life.

My campaign for president simply doesn’t have the financial resources we need to continue.

I’m not a billionaire. I can’t fund my own campaign. And as the campaign has gone on, it’s become harder and harder to raise the money we need to compete.

In good faith, I can’t tell you, my supporters and volunteers, that I have a path forward if I don’t believe I do.

Earlier in the day, CNBC reported that Harris had canceled a fundraiser that was scheduled today in New York City.

The event, which was scheduled to take place on Tuesday at the Paul Weiss law firm, was suddenly dropped due to what was described by the campaign as a “personal matter,” according to people familiar with the situation. No date was given for rescheduling. Donors were informed of the decision earlier Tuesday.

Shortly after learning the news of Harris’ departure from the Democratic field, Joe Biden reacted.