Wisconsin Rep. Paul Ryan to be Mitt Romney's VP choice

Following information that former Governor Mitt Romney (R-MA) would announce his choice for Vice President outside the USS Wisconsin in Norfolk, Virgina, sources have confirmed that the nominee will be Rep. Paul Ryan (R-WI).

Those sources confirmed to MSNBC that Tagg Romney was the person who told former governor Tim Pawlenty (R-MN) and former Rep. Rob Portman (R-OH) that they would not be the nominee, and Sen. Marco Rubio (R-FL) was told he would not be either.

Ryan is well known for his fiscal conservative positions, which includes issuing his own budget plan that significantly reduces all taxes by eliminating popular credits and deductions (like the mortgage interest deduction) and turning Medicare into a voucher program. Slate's Dave Weigel noted that Ryan voted for the politically-unpopular TARP to bail out the banks with few political consequences.

The Democratic response the Romney's apparent choice of the architect of the austere "Ryan budget" is perhaps best summed up by a Tweet from former Michigan governor and Current TV host Jennifer Granholm: "Just poured a glass of wine to toast the selection of Paul Ryan. Mmmm good."

UPDATE: Romney's campaign confirmed that Ryan was their choice via their smartphone app on Saturday morning.

[This post was updated after publication.]