Minnesota Rep. Dean Phillips is challenging President Biden in the 2024 race, saying it is time for his party to "pass the torch" because he fears four years from now, "might be too late."

In an interview on "CBS Mornings" Friday, the Democratic congressman explained he "had to" run after seeing troubling polls indicating the 80-year-old incumbent president could face an uphill battle against former President Donald Trump. 

Several polls show the race is a toss up between the two candidates. However, an ABC-Washington Post poll last month had Trump with a double-digit lead over Biden.

"I will not sit still, I will not be quiet in the face of numbers that are so clearly saying that we’re going to be facing an emergency next November," Phillips remarked.

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Dean Phillips and Joe Biden

Rep. Dean Phillips, D-Minn., announced he is challenging President Biden for the 2024 Democratic presidential nomination. (Getty Images)

The Democrat praised Biden for doing a "spectacular job," but said this election was about the future, not "the past."

"I think it's time for a new generation. I think it's time to pass the torch," he said.

A Monmouth University poll released earlier this month found 76% of voters agreed Biden was "too old" to serve another term, compared to just 48% who said the same about Trump.

Phillips worried what could happen in the next four years if Biden wasn't challenged for the nomination.

"I think the time is now, because I think four years from now, it might be too late," he warned.

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RFK Jr. Biden Williamson

Independent candidate Robert F. Kennedy Jr. (Left) and Democratic candidate Marianne Williamson (Right) have also launched bids for the White House. (Getty Images/AP Photo)

Phillips acknowledged he was a long shot in the race against the incumbent president. While suggesting he would support Biden if he wins the nomination, he also "hoped" his candidacy would open the door for other Democrats to take the risk and challenge the president.

"I'm a proud Democrat. If I'm not the nominee, I will give it my all, just as much as I intend to give my own campaign, to whomever that nominee is… I know it’s rare for somebody entering this arena to actually invite competition, but we need it," he said.

According to the Suffolk University/USA Today poll released Monday, 37% of registered voters said they would support Biden and 36% said they would support Trump. However, independent presidential candidates Robert F. Kennedy, Jr. and Cornel West also garnered significant support — 13% and 4%, respectively.

Rep. Phillips' office did not immediately respond to a request for comment.

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Fox News' Brandon Gillespie contributed to this report.