Speaker McCarthy is leading a Republican revolution. The bulk of his conference is behind him and has confidence in him. His debt reform bill will pass the House.

Really, there is a lot to like, with a $2.1 trillion spending cut — the largest of its kind, according to the CBO — a FY ’24 budget cut of $139 billion from FY ’23, a tough, across-the-board 1 percent spending cut sequester if appropriators don’t maintain the agreed upon 1 percent cap on spending, plus a number of pro-growth policy reforms.

In a divided government, compromises are necessary. The debt deal is not as good as the original “Limit Save Grow” bill, but I think Mr. McCarthy got about 70 percent, which is awfully good. Reagan always said he’d take a 70 percent win now, and get the rest later.

Actually it’s a resounding victory for the Republican House because it completely spun around President Biden. Remember, Mr. Biden wanted a clean debt bill. With no budget reforms.

He argued that for almost 100 days. Then all of a sudden this weekend he agreed to a massive spending cut and huge policy reforms. I would call that a major political victory for the GOP.

It’s a first step toward reforming the entire federal government. Other steps will follow, including a House budget resolution. More spending cuts are on the way. More pro-growth policies are on the way. All you need is a Republican Senate and a Republican in the White House. I think that’s coming.

Remember, “Rome wasn’t built in a day,” according to a British writer, John Heywood, who wrote that in 1538. I knew him well. (That was a joke.) Heywood wrote that the Romans were “laying bricks every hour.” So I would say to some of my very good conservative friends: Brick by brick, day by day.

I understand your trepidations about the debt deal, and I always respect your point of view and generally share your legislative instincts, but on this one I think we have a chance to restore conservative governance and a prosperous economic agenda. This is what the speaker had to say: “I’m not sure what in the bill people are concerned about. It is the largest savings of $2.1 trillion we’ve ever had. It’s the first time in history the largest rescissions where we’re pulling money back from the hardworking taxpayers that are going to China. Are they opposed to work requirements for welfare?”

In addition to the spending cuts and the sequestration with no regular budget order, the work requirements and the NEPA permitting reforms are important pro-growth measures to promote work and reopen the fossil fuel spigots. 

Also, the $1.9 billion in IRS enforcement money was taken out of this coming fiscal year’s budget. Student loan payments will be restarted to the tune of $5 billion a month. Plus, they’re going to take back $30 billion in unspent Covid money.

Mr. Biden’s massive regulatory assault on energy and business will be stopped with a pay-go provision that says any executive branch regulatory costs must be offset by regulatory cost reduction. By the way, Mr. Biden’s modern socialism regulatory assault has cost roughly $1.5 trillion.

And let’s not forget there are no tax hikes. Period. Full stop. This is a political win for Republicans and conservatives. This is a fiscal win. This is a free–market capitalism win. Don’t let the perfect be the enemy of the good.

Save America. Pass the bill.

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