Kudos to Speaker Kevin McCarthy and his House Republican caucus for insisting this week that, in exchange for authorizing the federal government to borrow still more money, steep cuts must be made in its expenditures. 

Unsurprisingly, those who binge-spend irresponsibly and “pay” for it by simply printing more money want no part of such budgetary discipline. President Biden and Senate Majority Leader Chuck Schumer insist that the House debt ceiling bill is unacceptable. 

That’s a formula for national disaster. Their approach amounts to charging trillions more on America’s overextended credit card. 

The Chinese Communist Party and its friends are already making real progress on toppling the dollar as the world’s reserve currency – which would have extremely dire consequences for all of us. Every effort must be made to prevent that calamity, including by standing with the House Republicans on the debt ceiling.

This is Frank Gaffney.