U.S. President Joe Biden has secured enough delegates to become the Democratic Party's 2024 presidential nominee after a projected victory in Georgia's primary, according to U.S. media projections on Tuesday.

With his win in Georgia's primary, the incumbent president has cleared the 1,968 delegate mark out of 3,934 total to lock up this year's Democratic nomination and represent the party on the ballot in November.

Biden will also win the Democratic primary in Mississippi, the U.S. media projected on Tuesday.

"Now I am honored that the broad coalition of voters representing the rich diversity of the Democratic Party across the country have put their faith in me once again to lead our party – and our country – in a moment when the threat Trump poses is greater than ever," Biden said in a statement.

Meanwhile, former President Donald Trump is projected to win the Republican primaries in the southern states of Georgia and Mississippi on Tuesday, inching closer to the party's presidential nominee and setting up a rematch with Biden.

Biden and Trump have ratcheted up rhetoric against each other after the "Super Tuesday" primaries earlier this month, in which they both won by a landslide in their own parties' face-offs. The lengthy, bitter battle for the White House – poised to deepen the U.S. political divides – enters a new phase.

A report from Adlmpact, a political data analysis company, predicts the current election cycle will be the most expensive in U.S. history, as candidates have totally spent $10 billion, up 13 percent from the previous record set during the 2019-2020 election cycle.