|Like Ryan, Hensarling has confidence that it will work, because the Republican Party has tried this before. In fact, Hensarling said, Romney's tax plan will work just because it followed the 'recipe' outlined by earlier GOP-led tax cuts, including the 2003 Bush tax cuts:
HENSARLING: This is the tax plan: fairer, flatter, simpler, more competitive tax code. We broaden the base by getting rid of a lot of these special interest deductions, exclusions -- by one estimate, one-third of the tax code is what is known as tax expenditures.
HOST: Why couldn't Paul Ryan explain that 11 days ago?
HENSARLING: My guess is he could have had he had time. But we did this in '03, it was done in the Reagan administration, it was done under President Kennedy under JFK, and guess what: when you follow this recipe, you get more jobs, more economic growth, and more tax revenue.