Wisconsin Sen. Ron Johnson is poised to become the next chairman of the Senate Budget Committee following the death of fellow Republican Sen. Lindsey Graham of South Carolina late Saturday, positioning the fiscal conservative to play a central role in shaping the GOP's legislative agenda, Politico reported Sunday.

Johnson, a third-term senator, is effectively next in line for the committee gavel. The two Republicans with greater seniority on the panel — Sens. Chuck Grassley of Iowa and Mike Crapo of Idaho — are expected to remain in their current leadership posts as chairmen of the Judiciary and Finance committees, respectively.

"Senator Johnson is prepared to serve as budget chair when announced," Johnson spokeswoman Grace Carnathan said when asked whether he would seek the position.

Johnson's appointment must be approved by the Senate Republican Conference and later ratified by the full Senate, a process that is generally considered routine.

The Budget Committee is expected to remain at the center of Republican legislative efforts as the GOP weighs another budget reconciliation package, a procedural tool that allows certain tax and spending measures to pass the Senate with a simple majority rather than the 60 votes typically required to overcome a filibuster, Politico reported.

Under Graham's leadership, the committee was instrumental in advancing two reconciliation bills during this Congress: last year's sweeping tax-cut package and this year's legislation providing additional funding for immigration enforcement for the remainder of President Donald Trump's term.

If confirmed as chairman, Johnson would be responsible for steering future reconciliation legislation through the Senate, including discussions over a potential third party-line package.

A longtime fiscal hawk, Johnson has consistently argued for deeper federal spending cuts and pressed GOP leaders to reduce deficits during last year's debate over tax legislation.

While he has voiced support for pursuing another reconciliation bill, he has also questioned whether Senate Republicans can ultimately reach agreement on a new package.