Former New York City Mayor Michael Bloomberg said Monday that he will not enter the 2016 White House race.

Bloomberg, a billionaire businessman, had since January been considering a run as an Independent Party candidate.

In an open letter Monday titled “The Risk I Will Not Take,” Bloomberg argued the country still needs a presidential candidate who can solve problems such as a fading U.S. economy and diminished power on the world stage but that the deadlines to qualify on state ballots is expiring.

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