A day before he is expected to win election as the next Minority Whip, Rep. Eric Cantor (Va.) sent a letter to his GOP colleagues Tuesday laying out his vision of the path forward for his beleaguered party.

In a memo entitled “An Innovative Path to the Future,” Cantor suggests it is “flatly absurd” to say that Republicans have lost their way in the wake of major Nov. 4 losses.

Now is the time for the GOP to revisit core values, including free markets, limited government, low taxes and transparency in government, Cantor said, adding that Republicans also must recognize their role as the check and balance on majority rule during the 111th Congress.

Suggesting that GOP values are key to fixing the economy, Cantor complained that majority Democrats want to raise taxes “on the incomes of the rich, two-thirds of whom are small businesses that are engines of job creation. How could there possibly be a time where GOP tenets like low taxes are more necessary?”

The Virginia Republican warned, however, that his party needs to move away from zeroing in on single issues or ideological beliefs and instead focus on developing a broad strategic vision.

“The road leading up to the 2010 mid-term elections and beyond won’t be easy,” Cantor said. “Reform is continuous.”

Cantor, now the Chief Deputy Minority Whip, is running unopposed for the No. 2 House GOP slot, being vacated by Rep. Roy Blunt (Mo.). Republicans meet tomorrow to tap their new leaders for the 111th Congress.