“The election of Georgia’s next senator is 21 months away and there is plenty of time for campaigning,” he said in a statement issued to the Washington Post.

“To announce a decision prior to the completion of the work on the debt ceiling and critical fiscal policy in May 2013 would be distracting and unwise. At that time, Betty and I will then be prepared to come to a decision on my candidacy for the U.S. Senate as Georgia’s conservative voice.”

So far, only Rep. Paul BrounPaul Collins BrounCalifornia lawmaker's chief of staff resigns after indictment Republican candidates run against ghost of John Boehner The Trail 2016: Let’s have another debate! MORE (R-Ga.) has announced his intentions to run for the seat, but Price has long been rumored to have retiring Sen. Saxby ChamblissClarence (Saxby) Saxby ChamblissLobbying World Former GOP senator: Let Dems engage on healthcare bill OPINION: Left-wing politics will be the demise of the Democratic Party MORE' (R-Ga.) seat in mind.

However, he says in his statement that his role as vice chairman of the Budget Committee will be his main concern going forward, with a focus on developing a plan to balance the budget in a decade.

"Too often, elected officials look toward the next rung on the ladder instead of the task at hand. In the weeks to come, by demonstrating effective leadership, I will be focused on fulfilling the job I was elected to do," he says.

Going into 2014, though, Price is likely to face a hotly-contested primary. Rep. Jack Kingston (R-Ga.) has also been making moves toward a run, as have Reps. Tom GravesJohn (Tom) Thomas GravesChances for government shutdown rising Controversial ‘hack back’ bill gains supporters despite critics Overnight Cybersecurity: Manafort, Gates to remain under house arrest | Mueller said to be closing in on Flynn | 'Hack back' bill gains steam | Election security gets attention from DHS MORE and Phil GingreyPhil GingreyBeating the drum on healthcare Former GOP chairman joins K Street Former Rep. Gingrey lands on K Street MORE (R-Ga.). Price would start off a bid in a strong position, with about $1.6 million in the bank at the end of the year, and having raised $300,000 over the past two weeks.