Paul Ryan 'Deeply Honored' to Join Mitt Romney as Running Mate

Rep. Paul Ryan, R-Wis., the House Budget Committee chairman, accepts vice president nomination.
3:00 | 08/11/12

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Transcript for Paul Ryan 'Deeply Honored' to Join Mitt Romney as Running Mate
Governor -- Okay. I am deeply honored. An excited to join you as your running mate. For a -- about Mitt Romney. Mitt Romney. Is a leader. With the skills the background in the character. That our country needs at this crucial time in its history. Following four years of failed leadership. But hopes of our country. Would have inspired the world. Are growing dim. They need someone to revive them. Governor Romney is the man for this moment. And he and I share one commitment. We will restore the greatness of this country. And I want you to meet my -- My wife -- -- My daughter Liza. Headlines Charlie and Sam. I'm surrounded by the people I love. -- -- -- -- And I've been asked by governor Romney. -- -- The country that I love. Janesville Wisconsin. And these were I was born and raised in -- never really left it. It's our home now. For the last 14 years I -- proudly represented Wisconsin in congress they -- There I have focused on solving the problems that confront our country. Turning ideas into action. And passion into solutions. I am committed in heart and mind. To putting that experience to work in -- Romney administration. This is a crucial moment. In the life of our nation. And it is absolutely vital. That we select the right man to lead America back to prosperity and greatness. Man is sitting right next to me. His name is Mitt Romney and he will be the next president of United's. My dad died when I was young. He was a good and decent man. There are few things he would say that I've just always stuck with me. -- say son. You're -- part -- other problem or part of the solution. Well regrettably. President Obama has become part of the problem and Mitt Romney. The other thing my dad would always say. Is that every generation of Americans leave their children better off. That's the American legacy. Sadly. For the first time in our history. We are not -- which will undo that legacy. That is why we need new leadership to become part of the solution new leadership to restore prosperity and economic growth and jobs. It. This is our duty. To save the American dream for our children. And -- I believe. I believe there is no person in America who is better prepared. Because of his experience. Because of the principles he holds. And because. Of his achievements and excellence -- so many different Arenas. To lead America at this point in our history. Let me say a word. About the -- Mitt Romney is about to replace. No one. No one disputes that -- Obama inherited a difficult situation. And in his first two years -- his party in complete control of Washington. He -- nearly every item on his agenda. But that didn't make things better -- that's. We find ourselves in a nation. Facing -- doubts and despair. This is the worst economic recovery in seventy years. Unemployment. Has been above 8% for more than three years. The longest run since the Great Depression. Families are hurting. We have the largest deficits in the biggest federal government since World War II. Nearly one out of six Americans. Are -- poverty the worst rate in a generation. Moms and dads are still -- make ends meet. Household incomes have dropped more than 4000 dollars over the past four years. Whatever the explanations. Whatever the excuses. This is a record of failure. President Obama. And too many like him in Washington. Every -- to make difficult decisions. Because they're more worried about their next election then they are about the next generation. I. We might have been able to get away with that before. But not now. We are any different in dangerous moment we're running out of time and we can't afford four more years of this. Politicians. From both parties. Have made empty promises. Which will soon become broken promises with painful consequences. If we fail to act now. I represented. A part of America that includes inner cities. Rural areas and suburbs in -- three times. Over the years I have seen and heard from a lot of families. From a lot of those who are running small businesses and from people who are in need. But what I've heard lately. That's what troubles me the most. There's something different in their voice in their words. What I hear from them. Or diminished dreams. Lower expectations. Uncertain futures. I -- some people say that this is just the new normal. Higher unemployment. Declining incomes and crushing debt is not -- new normal. Is the result of -- -- policies and next January. Our economy will -- a comeback. With the Romney plan for stronger middle class -- more jobs. More Jacob -- for working Americans. It. America. America's on the wrong track. But Mitt Romney and I we'll take the right steps in the right time. To get -- back on the right track. I believe. That my record of getting things done in congress. Will be here very helpful. Compliment to governor Romney's executive in private sector success outside of Washington. I've worked closely with the Republicans as well as Democrats. To advance an agenda of economic growth. Fiscal discipline and job creation. I'm proud to stand with the man who understands what it takes to Foster job creation in our economy. Someone who knows from experience. That if you have a small business you do. -- -- -- At Bain Capital. He launched new businesses and he turned around failing -- companies like staples. Bright horizons sports authority just to name a few. Mitt Romney created jobs and he showed he knows toll free economy works. At the Olympics. He took a failing enterprise and made the pride of our entire nation. As governor of Massachusetts. He worked with Democrats -- Republicans -- balanced budget without increasing taxes lower unemployment. Increase income in improve people's lives. In all of these things. Mitt Romney has shown himself to be a man of achievement. Excellence and integrity. -- -- Tell lies out Charlie and Sam that America. Is a place. Where you work hard. And play by the rules. You can get ahead. We look. At one another success with pride not resentment. Because we know. We know. That is more Americans -- -- take risks succeed. More people will prosper our communities will benefit an individualized will be -- -- America. America it's more than just -- place them. America. Is an idea. It's the -- Only country founded on in an idea. Our rights. Come from nature and god not. From government. -- That's our founding. We. We promised equal opportunity not equal outcomes. And this idea. Was founded on the principles of liberty and freedom. Free enterprise. A self determination. -- -- -- Of the -- This idea. This idea is under assault. So we have a critical decision to make as a nation. We -- on an unsustainable path. That is robbing America of our freedom and security. It doesn't have to be this way. The commitments. Mitt Romney and I make to you is this. We won't ducked the tough issues we will lead. We won't blame others we will take responsibility. And we won't. Replace our founding principles we will re applied then. We. Will honor you and our fellow citizens. By giving you. The rights an opportunity to make. The choice. What kind of country do we want to half. What kind of people do we want to be. We can turn this thing around. We can turn this thing around. Real solutions can be delivered. But we'll take leadership and the courage. Detailing used that true. Mitt Romney is this kind of leader. I'm excited for what lies ahead I'm thrilled to be a part of America's combat team and together we will unite America and yeah. This done. --

This transcript has been automatically generated and may not be 100% accurate.

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