August 11, 2012 at 8:55 AM

Mitt Romney, the likely Republican nominee for president, announced today that Wisconsin Rep. Paul Ryan will be his running mate.

Romney is expected to formally announce his choice later this morning aboard the U.S.S. Wisconsin in Norfolk, Va. Public speculation about Romney’s short list grew in the weeks leading up to the announcement.

Sen. Rob Portman, R-Ohio, and former Minnesota Gov. Tim Pawlenty were also rumored to be toward the top of the list with Ryan. NBC News reported last night that three sources confirmed Romney chose Ryan.

The Romney campaign first announced the vice presidential pick on its Mitt’s VP app just after 7 a.m. A short time later, Romney tweeted, “I am proud to announce @PaulRyanVP as my VP. Stand with us today. http://mi.tt/Romney-Ryan #RomneyRyan2012.”

Ryan is chairman of the House Budget Committee and could help Romney win Wisconsin. However, his “Path to Prosperity” budget proposal includes deep cuts to the poor and elderly that could be a liability to Romney.

Critics have also jumped on Ryan's suggestion to open Medicare to more private competition. In his role on the bipartisan presidential debt commission, Ryan objected to using a tax increase to solve the country’s debt woes.

The Associated Press contributed to this report.