Sen. Jim Webb (Va.), considered one of the favorites to be picked as Sen. Barack Obama’s (Ill.) running mate on the Democratic ticket, announced Monday that he would not be a candidate for the job.

The former Navy secretary said he “entered elective politics because of my commitment to strengthen America's national security posture, to promote economic fairness, and to increase government accountability.”

Webb added that he has “worked hard to deliver upon that commitment, and I am convinced that my efforts and talents toward those ends are best served in the Senate.”

The senator said the recent passage of his GI Bill has given him “renewed confidence that the Congress can indeed work effectively across party lines and address the concerns of our citizens.”