Paul Ryan 2012 Campaign For President Not Happening, Congressman Says (VIDEO)

MADISON, Wis. — U.S. Rep. Paul Ryan says he won't run for president next year.

The Republican congressman from Wisconsin issued a statement Monday saying he appreciates supporters urging him to seek the 2012 nomination, but he hasn't changed his mind about staying out of the race.

Ryan chairs the House Budget Committee and crafted a GOP budget plan this year aimed at slashing federal spending on programs such as Medicare.

The congressman from Janesville says he hopes the GOP will nominate a candidate committed to an agenda that "restores the promise and prosperity of our exceptional nation."

He added that he's grateful to his constituents for the chance to advance that effort in Congress.

HuffPost's Jason Linkins reported last week that it seems Republicans are still searching for a "savior" candidate to run as the party's presidential nominee in 2012.

Reuters reports:

Republicans still hoping that another candidate will jump into the presidential race and give the party a better chance of defeating President Barack Obama in 2012 may need to get over it.

Now that Texas Governor Rick Perry has thrown his hat in -- and become a favorite -- chances are growing slimmer that another contender will jump in and make a splash.

Last week, rumors resurfaced that New Jersey Governor Chris Christie could jump into the GOP primary mix. The the big name Republican's camp denied Christie was exploring running for president in the next election cycle.