U.S. Congressman Paul Ryan has been named Mitt Romney's running mate on this year's Republican presidential ticket. Romney made the announcement this morning in front of the Navy ship USS Wisconsin in Norfolk, Virginia. In his speech, Ryan called this a "crucial moment in the life of our nation," and said Mitt Romney was the right man to lead the country back to prosperity and greatness.

In his remarks, Romney called Ryan, "an intellectual leader of the Republican Party....[who] understands the fiscal challenges facing America."

A statement from President Obama's campaign this morning calls Ryan a leader of House Republicans who shares Romney's, "commitment to the flawed theory that new budget-busting tax cuts for the wealthy, while placing greater burdens on the middle class and seniors, will somehow deliver a stronger economy."

Ryan and Romney are scheduled to begin a four-day bus tour of battleground states in the eastern U.S. later today.