Paul Ryan said on Wednesday that he plans to return to the House of Representatives as chairman of the Budget Committee, after he and Republican presidential nominee Mitt Romney fell short in their White House bid.

Ryan, Romney’s pick for vice president, also was up for reelection in Wisconsin’s first congressional district on Tuesday. He defeated Democrat Rob Zerban to win an eighth term.

“I am immensely proud of the campaign we ran, and I remain grateful to Governor Romney for the honor of being his running mate,” Ryan said in a statement. “I look forward to spending some time with my family in the coming days and then continuing my responsibilities as chairman of the House Budget Committee and representative of Wisconsin’s first congressional district.”

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Ryan has reached his term limit as Budget Committee chairman but is considered likely to receive a waiver from House Speaker John Boehner, which would allow him to continue in the role.

Ryan will be among the early favorites for the Republican presidential nomination in 2016, and there was some speculation about whether he would serve another term in Congress. Ryan could leave the House at the end of his coming term, in 2014, and would have two years to focus full time on a presidential run.