Charleston businessman and real estate developer Thomas Ravenel officially launched his bid for the U.S. Senate on Thursday, calling for more tax cuts and endorsing tort reform to discourage frivolous lawsuits by capping punitive damages.

Surrounded by family, friends and supporters, the Republican candidate promised to take his message to every South Carolina community and to begin his campaign "by listening to the people .‘.‘. and talking with them about our shared vision of the American dream."

Ravenel, 40, announced his candidacy during a whirlwind tour of the state that started with a breakfast and news conference in Charleston and continued with stops in Myrtle Beach, Rock Hill, Columbia, Aiken and Greenville.

Ravenel, son of state Sen. Arthur Ravenel, R-Charleston, read a statement at a news conference at Owens Field in Columbia but declined to take questions.

Reporters finally cornered him in a hallway, where he repeated some of the lines from his prepared statement, especially those citing his experience as a small-business man.

"Small business is the economic engine that drives our economy," he said. "I understand choices; I understand competition -- it's the dynamic that drives quality up and drives costs down. It also drives wages up. It's compassionate conservatism."

Ravenel said he would vote to make President Bush's tax cuts permanent and would support additional cuts.

"In the long run, tax cuts grow receipts for the federal Treasury, and they create jobs," he said.

Of more than $1 million his campaign already has on hand, $950,000 came from Ravenel's own pocket. He said he didn't know how much more of his money he would be willing to put up. "Obviously, we're going to do what it takes," he said

As reporters pressed him with more questions, Ravenel begged off.

"Let me just say that today what we're doing is officially announcing that we are beginning in earnest to seek the office of the U.S. Senate," he said. "In the coming months and weeks, we'll be responding to a lot of these questions, but today we're just announcing."

Other Republicans seeking the Senate seat held by Democrat Fritz Hollings are U.S. Rep. Jim DeMint of Greenville, former Attorney General Charlie Condon of Sullivan's Island, and Myrtle Beach Mayor Mark McBride.

Hollings has not decided whether he'll seek re-election. He has given the state Democratic Party the green light to recruit another candidate. State Superintendent of Education Inez Tenenbaum is giving it serious thought. Friends don't expect the senior senator to run again.

Hollings told The State on Thursday that he would do what his wife, Peatsy, wants.

She has told friends that she doesn't want the senator to run again. She could not be reached for comment Thursday.

Ravenel said he wanted the people of South Carolina to know he is serious about bringing conservative principles of tax cuts, tort reform and limited government to Washington.

The Republican primary is scheduled for June 8.

Staff Writer Lauren Markoe contributed to this report