With broad support, Ryan agrees to run for speaker

Rep. Paul Ryan, R-Wis., officially said he will run for speaker of the House this evening after receiving endorsements from major factions in the Republican Party.

“We have an opportunity to turn the page,” Ryan said in a letter to his GOP colleagues. “Instead of rising to the occasion, Washington is falling short—including the House of Representatives. We are not solving the country's problems; we are only adding to them.” The House will hold elections next week.

After that, Ryan faces a Nov. 3 deadline to raise the federal borrowing limit and a Dec. 11 deadline to act on must-pass spending legislation or cause a government shutdown.

Ryan, 45, was an unwilling candidate, dragged into the speaker contest by GOP leaders who saw few other options to find a speaker who could unify House Republicans after party’s the conservative Freedom Caucus pressured Speaker John Boehner, R-Ohio, to resign and House Majority Leader Kevin McCarthy, R-Calif, withdrew his candidacy. Ryan agreed to seek the post with conditions. He wanted the endorsement of the three major factions of House Republicans to guarantee he could lead with a mandate.

In addition to seeking united support, Ryan made clear he wanted to cut back on the fundraising that traditionally comes with the job so he could spend time with his wife and kids in Wisconsin. He is younger than most past speakers and rare in having young children.

The Associated Press contributed to this report.