This is a rush transcript from "Your World," November 7, 2012. This copy may not be in its final form and may be updated. Watch the latest video at FoxNews.com NEIL CAVUTO, HOST OF "YOUR WORLD": All right, everyone is wondering what the future of the Republican Party is after losing the presidency yesterday. You all know the details. But one of the details you might have missed is that, among Latinos nationwide, Republicans were clobbered. Better than seven out of 10 Latinos nationwide preferred Democrats over Republicans, and specifically the president over Mitt Romney. That did not apply in the state of Texas, however, where Ted Cruz was just elected to the United States Senate with overwhelming Latino support. Of course, he is Latino himself. He electrified the Republican Convention this year. When I spoke to him back then, he talked about how easy it would be for the party to make overtures to Latinos because they are ripe and ready audience for Republican. Senator-elect, it's very good to have you. Congratulations. SENATOR-ELECT TED CRUZ, R-TEXAS: Well, thank you, Neil. It's always great to be back with you. CAVUTO: You seem to be different than what's going on nationally or representative of Latino interests nationally. You stand out. Obviously, Marco Rubio, who you'll be joining soon, stand out. What is it, though, that you did that on other levels Republicans could not do? CRUZ: Well, I think, as Republicans, we need to do a better job communicating our values with the Hispanic community. The Hispanic community itself is a tremendously conservative community. Those are the values that resonate in the Hispanic community. And you know it's interesting if you look at the issues that Hispanics are concerned with. They are the same issues everyone is. Jobs and the economy are number one among Hispanics in this country. They are worried because the country is hurting. And I don't think we did a very effective job of making the case to the Hispanic community that the policies of the Obama administration aren't working, are hurting small businesses, are hurting jobs. And we've got to be a lot more effective doing so, but also doing so with a tone that is not divisive. That's been a problem I think Republicans have had for a long time. CAVUTO: Very quickly, Speaker Boehner today seemed to leave on the possibility of revenue, tax hikes, for want of a better word, in whatever fiscal cliff deal they cobble together in Washington. How do you feel about that? CRUZ: I do not think we shouldn't be raising taxes, especially when the country is on the brink of a recession. (CROSSTALK) CAVUTO: What about closing loopholes, ending credits, that sort of thing? CRUZ: I think closing loopholes is fine and good, if we're lowering marginal rates. What we've got to be focusing on is growth. And growth can solve a great many of these problems. Right now, our economy, the last four years, has grown 1.5 percent a year. We need to get it up to historical averages of 3 percent or 4 percent or 5 percent. And the way to do that is with fundamental tax reform, with regulatory reform, stopping the burdensome regulations. And if the president means what he said on the campaign trail, that he is interested in working across the aisle to do some of that, then I'll be happy to work with him. CAVUTO: OK. CRUZ: But if he reads this election as a mandate to double down on more and more spending and debt and taxes and regulation, then I will spend every moment in the Senate working to help lead the effort to stop that, because I think continuing down this path would be very harmful to the country. CAVUTO: OK. We'll watch closely. Senator-elect, congratulations again, Ted Cruz. CRUZ: Thank you, Neil. Content and Programming Copyright 2012 Fox News Network, Inc. Copyright CQ-2012 Roll Call, Inc. All materials herein are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of CQ-Roll Call. You may not alter or remove any trademark, copyright or other notice from copies of the content.