This morning in Norfolk, Va., GOP presidential nominee Mitt Romney announced Rep. Paul Ryan of Wisconsin as his vice-presidential running mate. 

Here is a video of Ryan's remarks, delivered aboard the USS Wisconsin. Below is a transcript of Ryan's speech, as spoken:

Governor Romney, Ann, thank you.

I am deeply honored and excited to join you as your running mate.

I want to tell you about Mitt Romney. Mitt Romney is a leader with the skills, the background, and the character that our country needs at this crucial time in its history.

Following four years of failed leadership, the hopes of our country, which 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.

I want you to meet my family. This is my wife, Janna. Our daughter Liza and our sons Charlie and Sam. I'm surrounded by the people I love.

I love you, too. And I've been asked by governor Romney to serve the country that I love.

Janesville, Wisconsin, is where I was born and raised, and I never really left it. It's our home now.

For the last 14 years, I have proudly represented Wisconsin in Congress. There -- There I have focused on solving the problems that confront our country, turning ideas into action and action into solutions.

I am committed, in heart and mind, to putting that experience to work in a 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.

That man -- that man is standing right next to me. His name is Mitt Romney, and he will be the next President of the United States of America.

My dad died when I was young. He was a good and decent man. There are a few things he would say that have just always stuck with me.

He would say, son, you're either part of the problem or part of the solution. Well, regrettably, President Obama has become part of the problem, and Mitt Romney is the solution.

The other thing my dad would always say is that every generation of Americans leaves their children better off.

That's the American legacy. Sadly, for the first time in our history, we are on a path which will undo that legacy.

That is why we need new leadership to become part of the solution, new leadership to restore prosperity, economic growth, and jobs.

It is our duty to save the American dream for our children and theirs.

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 in excellence in so many different arenas to lead America at this point in our history.

Let me say a word about the man Mitt Romney is about to replace.

No one disputes that President Obama inherited a difficult situation. And in his first two years, with his party in complete control of Washington, he passed nearly every item on his agenda, but that didn't make things better.

In fact, we find ourselves in a nation facing debt, doubt, and despair.

This is the worst economic recovery in 70 years. Unemployment has been above 8 percent for more than three years, the longest run since the Great Depression.

Families are hurting. We had the largest deficits and biggest federal government since World War II.

Nearly one out of six Americans are in poverty, the worst rate in a generation. Moms and dads are struggling to make ends meet. Household incomes have dropped more than $4,000 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 have refused to make difficult decisions because they are more worried about their next election than they are about the next generation.

We might have been able to get away with that before, but not now. We're in a different and 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 represent a part of America that includes inner cities, rural areas, suburbs, and factory towns. 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 are diminished dreams, lowered expectations, uncertain futures. I hear some people say that this is just the new normal.

Higher unemployment, declining incomes and crushing debt is not a new normal.

It is the result of misguided policies. And next January, our economy will begin a comeback with the Romney plan for a stronger middle class that will lead to more jobs and more take-home pay for working Americans.

America is on the wrong track, but Mitt Romney and I will take the right steps, in the right time, to get us back on the right track. I believe that my record of getting things done in Congress will be a very helpful compliment to Governor Romney'sexecutive and private sector success outside of Washington.

I've worked closely with Republicans as well as Democrats to advance an agenda of economic growth, fiscal discipline, and job creation.

I'm proud to stand with a 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 did build that.

Right.

At Bain Capital, he launched new businesses and he turned around failing ones, companies like Staples, Bright Horizons, Sports Authority, just to name a few.

Mitt Romney created jobs, and he showed he knows how a free economy works.

At the Olympics, he took a failing enterprise and made it the pride of our entire nation.

As governor of Massachusetts, he worked with Democrats and Republicans to balance [the] budget without increasing taxes, lower unemployment, increase income, and improve people's lives.

In all these things, Mitt Romney has shown himself to be a man of achievement, excellence, and integrity.

Janna and I tell Liza, Charlie, and Sam that America is a place where, if you work hard and play by the rules, you can get ahead.

We -- we look at one another's success with pride, not resentment, because we know -- we know that as more Americans work hard, take risks, succeed, more people will prosper, our communities will benefit, and individual lives will be uplifted and improved.

America -- America is more than just a place, though. America is an idea. It's the only country founded on an idea.

Our rights come from nature and God, not from government.

That's right. That's who we are. That's how we built this country. That's who we are.

That's what made us great. That's our founding.

We promise equal opportunity, not equal outcomes.

And this idea was founded on the principles of liberty, freedom, free enterprise, self-determination, and government by consent of the governed.

This idea -- this idea is under assault. So we have a critical decision to make as a nation. We are on an unsustainable path that is robbing America of our freedom and security.

It doesn't have to be this way.

The commitment Mitt Romney and I make to you is this: We won't duck 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 reapply them.

That's what we will do.

We will honor you, our fellow citizens, by giving you the right and opportunity to make the choice.

What kind of country do we want to have? What kind of people do we want to be?

We can turn this thing around. We can. We can turn this thing around. Real solutions can be delivered, but it will take leadership and the courage to tell you the truth.

Mitt Romney is this kind of leader. I'm excited for what lies ahead. I'm thrilled to be a part of America's comeback team. And together we will unite America and get this done.

Thank you. Thank you very much.

Thanks. Thank you.