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Ryan not running for Senate

Rep. Paul Ryan (R-WI) will not run for the Senate, a GOP aide tells NBC News.

This now opens up the possibility that former Gov. Tommy Thompson (R-WI) will run for the open Senate seat currently held by Sen. Herb Kohl (D).

National Journal first reported the news this morning that Ryan would not run.

*** UPDATE *** Ryan made it official this morning, that he is not running. His office is out with a statement.

"I believe continuing to serve as Chairman of the House Budget Committee allows me to have a greater impact in averting this debt-fueled economic crisis than if I were to run for the United States Senate," Ryan said, adding, "House Republicans have taken bold steps forward in tackling our fiscal and economic challenges - we have led, where others have not. I want to keep building on this progress...."

Full statement below:

"I am grateful for the tremendous outpouring of encouragement that I have received from my friends and supporters since Senator Kohl announced he would not seek re-election to the U.S. Senate. For my family and me, the most important factor in making this decision was determining where I could make the biggest difference. Our nation is quickly approaching a debt crisis that will do serious damage to Wisconsinites and all Americans if it is not properly addressed. I believe continuing to serve as Chairman of the House Budget Committee allows me to have a greater impact in averting this debt-fueled economic crisis than if I were to run for the United States Senate.

House Republicans have taken bold steps forward in tackling our fiscal and economic challenges - we have led, where others have not. I want to keep building on this progress and therefore, I will seek to continue serving my employers of Wisconsin's First District as their Representative in the House."