Rep. Tom PriceU.S. Rep. Tom Price on Tuesday was selected as vice chairman of the House budget committee.

“Congressman Tom Price has been an invaluable member of the House Budget Committee over the past two years,” Rep. Paul Ryan said in a midday statement circulated by Price’s office. “As vice chair, he will help lead an effort to promote tax and entitlement reform to strengthen our economy and create jobs.”

The former vice presidential hopeful, whose budget proposals largely represent the GOP economic canon, added that he was “looking forward” to working alongside Price in his new role as the number-two GOP budgeter.

Price, in a statement circulated in tandem with Ryan’s remarks, said the selection was an honor, but that serious work to reform health and entitlement programs lie on the immediate horizon.

“We face a very serious and growing debt crisis, and the current spending habits in Washington are simply unsustainable. This requires we do what is necessary to balance our budget and pay down our national debt while helping to encourage economic growth through common sense tax reform,” he said. “Our efforts must include meaningful reforms to the nation’s health and retirement programs so that we can save and strengthen the guarantees of Medicare and Social Security.”

Price had last month vied for a top leadership job, to steer the GOP conference, but fell short despite the vocal support of Ryan.

– James Richardson