So, I’ll bet you didn’t know that on January 19 the U.S. government’s debt limit will hit its ceiling, $31.4 trillion. That’s next Thursday. Mark it on your calendar.  

It’s actually not that big of a deal. For one reason, the U.S. government will never run out of money, because its central bank controls the official printing press. Think of it as your own personal computer printer. You hit the print button and the copy just comes flowing out.  

Now, in fact, what happens is the treasury secretary finds a whole bunch of spare cash throughout the government that will finance budget spending. Usually this is done by delaying retirement money for federal and military staff, because those funds run big surpluses and then the money is paid back later. So no one loses.  

Obviously, $31.4 trillion in total debt is higher than our entire nominal GDP, which is $23 trillion. Not good. Yet the more accurate number is marketable debt in public hands — those are the bonds the Treasury auctions every week; you may own some in your retirement account.  

Publicly held debt is coming up to $24 trillion, which is more than 100 percent of our entire economy. That’s not good, either.  

The new Republican Congress has said with great clarity that it will not permit any automatic increases in the debt limit unless and until there is a satisfactory reduction in budget spending. It is right to do so.  

The Biden Democrats are going to do everything they can to point the finger at the GOP House and blame it for defaulting on the debt. Or shutting down the government. My response is: So what?  

We will never default on our U.S. debt. Never. We are the world’s reserve currency and we will keep it that way. But, and it’s a big but, if there’s a delay in paying the interest on a 10-year government bond in order to significantly slash federal spending, then I’m all for it. 

Anyway, let’s not forget revenues are coming in every day. Lots of revenues. Record federal revenues. So there’s plenty of cash flow to cover the interest payments on our debt, even if the debt ceiling increase is postponed. In other words, that argument is a red herring. 

Speaker McCarthy and company are going to call President Biden’s bluff. As well they must.  

As we have discussed so many times, the GOP will move to regular budget order — which means the new Budget Committee chairman, Jodey Arrington, and his panel will set a new budget resolution that prescribes spending ceilings and revenue floors and will include a major rollback of the recent Democratic spending binge. 

Then that budget resolution goes to the Appropriations Committee, whose 12 appropriation subcommittees will come up with spending totals and policies. All along the way, there will be an open, accountable, transparent process, with public hearings and experts on both sides of the aisle. 

The era of 4,000-page omnibus bills is over. This is a pledge made by the new House GOP, and I’m betting it’s going to keep it. Senate Democrats are going to squeal like stuck pigs.  

Mr. Biden would like to squeal with them, but he’s got himself a classified document scandal that is going to neuter him for quite some time. Maybe for the rest of his political time.  

In fact, Mr. Biden’s classified documents scandal is a body blow to the entire Democratic Party, though its members are at the moment in complete denial about it. Even mainstream liberal media outlets are trying to figure out what top-secret information about Iran and Ukraine was doing in Mr. Biden’s Corvette.  

If that bunch is turning against him, he’s really got a big problem. So I’m suggesting, even though the budget deliberations in the House are going to go on for many months, that the politically self-righteous, indignant yelping by Mr. Biden at his arch-enemy, President Trump — well, I think those days are over.  

For those who disagree with my political analysis, I respect your points of view. But I think Mr. Biden’s classified docs scandal cross-riffs to a new budget era being cooked up by the House Republicans. Actually, this juicy fiscal meal will be cooked on a gas stove.  

Finally, as political and fiscal power drains away from the sclerotic and clogged Democratic arteries, it could reoxygenate a shaky stock market economy.  

From Mr. Kudlow’s broadcast on Fox Business News.