Obama Ad Includes Romney Quotes Supporting Ryan Budget Plan; Complete Ryan Announcement

Republican Mitt Romney has anointed Wisconsin Rep. Paul Ryan as his vice presidential running mate. After the announcement in Norfolk, Va., the two men embarked on a tour of campaign battleground states vowing to defeat President Barack Obama and repair the long-ailing U.S. economy.

Moments after being introduced by Romney, Ryan, an ardent conservative and devoted budget cutter, told a flag-waving crowd that America is "a nation facing debt, doubt and despair," and a transformative change in leadership is vital. Ryan said "Regrettably, President Obama has become part of the problem... and Mitt Romney is the solution."

Democrats are pouncing on Mitt Romney's selection of Wisconsin Rep. Paul Ryan as his running mate, saying the pick shows a commitment to "budget-busting tax cuts" for the wealthy and greater burdens on the middle class and seniors.

President Barack Obama's campaign team says Romney's choice makes clear that the former Massachusetts governor would be forced to adhere to the principles laid out in the House Republican budget -- authored by Ryan -- which they say would undermine entitlement programs crucial to middle-class families and seniors.

Democrats say privately that the choice of Ryan could help Obama in states with large numbers of elderly voters, such as Florida, Pennsylvania and Ohio.