House Budget Chairman Paul Ryan has decided against running for president, the Wisconsin Republican made clear in a statement released Monday afternoon.

“I sincerely appreciate the support from those eager to chart a brighter future for the next generation. While humbled by the encouragement, I have not changed my mind, and therefore I am not seeking our party’s nomination for President,” Ryan said. “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 had been giving serious reconsideration to his earlier decision not to seek the White House in 2012 and was receiving encouragement from some prominent Republicans, including Indiana Gov. Mitch Daniels, who himself chose against running for president earlier this year.

After becoming the public face of the House GOP agenda earlier in the year, attention shifted more to other GOP leaders during the debt ceiling debate. He was not appointed to the Joint Committee on Deficit Reduction joint committee earlier this month by Speaker John Boehner (R-Ohio.)