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NEW YORK (

TheStreet

) -- Republican presidential candidate Mitt Romney Saturday introduced his running mate for the November election: Rep. Paul Ryan of Wisconsin.

As chairman of the House Budget Committee, Ryan has been a vocal proponent of conservative fiscal policy, advocating steep spending cuts in social programs and an overhaul of Social Security and Medicare.

His selection as the vice presidential candidate appears aimed at appealing to fiscal conservatives and Tea Party members.

Romney announced his decision Saturday morning in Norfolk, Va. after touring the battleship U.S.S. Wisconsin, according to

The New York Times

.

The two plan a four-day tour through four states likely to be hotly contested in the election, the

Times

added.

"Paul is a man of tremendous character," Mr. Romney said when announcing his pick, according to the

Times

. "I don't know of anyone who doesn't respect his character and judgment."

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This article was written by a staff member of TheStreet.