House Republicans are right: No debt limit increase until a balanced budget plan is in place

In the rough and tumble days before Kevin McCarthy became Speaker one of the biggest victories House Republicans secured was on the debt ceiling. Now new rules will make a difference.

If we are to make any progress on reducing the debt crisis, Speaker McCarthy must use the debt ceiling vote as the bargaining chip to secure spending reductions and reforms. Stephen Moore is a senior fellow at the Heritage Foundation and an economist with FreedomWorks. His latest book is "Govzilla: How the Relentless Growth of Government is Devouring our Economy."

Government borrowing last year hit 13 figures, or $1.4 trillion. Absent budget reforms, we could easily see a decade ahead with another $10 trillion added to the debt.  And don’t forget, every one-percentage-point rise in interest rates by the Federal Reserve raises the debt by much more than a trillion dollars over the next decade.

So budget hawks and those concerned about our national debt should be applauding this commitment.