Rep. Hensarling Optimistic on Tax Reform

Texas GOP Rep. Jeb Hensarling, co-chairman of the bipartisan supercommittee on budget deficit reduction, said Thursday that he still believes the panel can make a recommendation for substantial tax reform in its suggestions of deficit cuts due Nov. 23, The Hill reports.

Hensarling told Fox Business Network there have been “a lot of conversations around” restructuring the corporate tax system, and he’s “cautiously optimistic” supercommittee members from both parties can agree on a plan.

To be sure, the GOP isn’t budging from its opposition tax hikes, he said. “Listen, we are not keeping anything off the table but I can assure you we are not bringing tax increases to the table.”

Hensarling acknowledged the supercommittee may not have enough time to draft a complete tax reform plan. “It’s a tight deadline, there is no doubt about that,” he said. But there is time to “get a lot of it done.”