Speed Reads

2016 Watch

Michael Bloomberg says he won't run for president

Former New York City Mayor Michael Bloomberg will not run for president in 2016, he wrote in a Bloomberg View post Monday. Bloomberg cited the uncertainty a three-way race with an independent candidate could potentially create, with no candidate receiving a majority of votes. That would leave Congress to determine the presidency.

"As the race stands now, with Republicans in charge of both Houses, there is a good chance that my candidacy could lead to the election of Donald Trump or Senator Ted Cruz," he wrote. "That is not a risk I can take in good conscience."

Bloomberg said in February he would consider running as an independent after reports surfaced in January.