WASHINGTON (CNN) -- Former House Speaker Newt Gingrich, R-Georgia, said Friday he would strongly consider a late entry into the 2008 presidential race if no other Republican candidate is catching the "right momentum."

"Callista and I and our family will stop and look and see what's the world at the end of September," Gingrich said during a forum at the National Press Club. "If there isn't somebody who has the right ideas and the right solutions and building the right momentum, we'll consider running."

Gingrich also criticized the increased longevity of presidential campaigns.

"I think the current process of spending an entire year running in order to spend an entire year running in order to get sworn in in January of 2009 is stupid," he said.

"The idea of spending all of this year criss-crossing to raise money, to pay off the consultants, to do the focus groups, to memorize the 40-second answer to 'and what would you do about Medicare?' -- I just think it's a terrible way to spend your time," Gingrich added.