WATCH: Biden’s farewell address from the White House | PBS News Special Report

With only a few remaining days in office, U.S. President Joe Biden addressed the nation and reflected on his term in office as he prepares to hand over the White House to President-elect Donald Trump.

Watch Biden’s farewell address and PBS News’ special coverage in the live player above

Biden’s primetime address came ours after a reported cease-fire deal between Hamas and Israel– a potential end to a war that has plagued his administration.

The deal “is the result not only of the extreme pressure that Hamas has been under and the changed regional equation after a ceasefire in Lebanon and weakening of Iran — but also of dogged and painstaking American diplomacy,” Biden said. “My diplomacy never ceased in their efforts to get this done.”

But, Biden acknowledged the incoming Trump administration was a participant. “For the past few days, we have been speaking as one team,” Biden said.

WATCH: Outlining his foreign policy legacy, Biden argues he offered the world a steady hand

In a letter to the American people, Biden reflected on his term and the crossroads America faces now. “I ran for president because I believed that the soul of America was at stake. The very nature of who we are was at stake. And, that’s still the case. America is an idea stronger than any army and larger than any ocean,” he wrote.

“It’s the most powerful idea in the history of the world. That idea is that we are all created equal, endowed by our Creator with certain unalienable rights, among them life, liberty, and the pursuit of happiness. We’ve never fully lived up to this sacred idea, but we’ve never walked away from it either. And I do not believe the American people will walk away from it now.”

In his speech, he warned that an ultra-wealthy “oligarchy” could threaten democracy.

“Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead,” Biden said, pointing to the risk of “a dangerous concentration of power in the hands of a few ultra-wealthy people” and “dangerous consequences if their abuse of power is left unchecked.”