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Paul Ryan Announces He's Not Running for President

ABC News(WASHINGTON) -- After much speculation and some pressure from fellow Republicans, Rep. Paul Ryan (R-Wisconsin), the House Budget Committee Chairman, says he is not running for president.

"I sincerely appreciate the support from those eager to chart a brighter future for the next generation," Ryan announced today. "While humbled by the encouragement, I have not changed my mind, and therefore I am not seeking our party's nomination for President.  I remain hopeful that our party will nominate a candidate committed to a pro-growth agenda of reform that restores the promise and prosperity of our exceptional nation.  I remain grateful to those I serve in Southern Wisconsin for the unique opportunity to advance this effort in Congress."

Ryan's budget plan, which includes spending cuts and reforms to entitlement programs like Medicare, had made him a darling of the right this year and fanned the enthusiasm of his supporters for a possible White House bid.

Copyright 2011 ABC News Radio

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