You can use while read
to read lines from the text file separated with $IFS into two variables and call myscript with it:
while read -r A B; do
./myscript "$A" "$B"
done < text_file
To have every line passed as a whole single argument:
while read -r A; do
./myscript "$A"
done < text_file
To have each token of every line passed as arguments:
while read -ra A; do
./myscript "${A[@]}"
done < text_file