(2003-09-08) -- North Carolina Senator John Edwards announced his retirement from electoral politics yesterday, saying that he would not seek re-election to the Senate in order to run for President.

"I want to focus all my energies on a short-lived, desperate and ultimately failed attempt to get the Democrat nomination for the White House," said Mr. Edwards. "Being a Senator is important, but not nearly as important as traveling around the country, burning through millions of dollars and slamming our President."

Mr. Edwards said he expects to be "waving from the balcony" at the Democrat convention next year.

"In a couple of months, unless Dean, Gephardt and Kerry all stroke out, I'll head back to my law practice, and sit at the corner bar telling stories about when I was a Senator who ran for President...and no one will believe me."

Abandoning his re-election plans is "crucial to ensuring that Republicans get an opportunity to pick up a Senate seat," he said. "It's so hard to run against an incumbent. As an attorney, that just violates my sense of fairness."