After Paul Ryan told an audience at Georgetown University that his legislative work conforms to Catholic social teaching “as best I can make of it,” he homed in on the importance of reducing the federal deficit. “The overarching threat to our whole society today is the exploding federal debt,” he said. “The Holy Father, Pope Benedict, has charged that governments, communities, and individuals running up high debt levels are `living at the expense of future generations’ and `living in untruth.’”
That was in 2012—a smart (if incomplete) retort to scholars, bishops, and commentators who argued that Ryan’s budget priorities ran afoul of Catholic social doctrine. But on October 25, House Republicans under the Wisconsin congressman’s leadership approved a budget blueprint that would bring about an alarming increase in federal debt to achieve tax cuts weighted to benefit the rich. Even in the annals of federal budgeting, an additional gap of $1.5 trillion or more over ten years is a lot of money. When the Senate put forth this plan, which the large majority of Ryan’s caucus rubber-stamped, the Congressional Budget Office warned that “the high and rising debt that is projected would have serious negative consequences for the budget and the nation.”
According to the budget office, annual federal spending on interest payments would increase sharply, especially since interest rates are expected to rise. “The likelihood of a fiscal crisis in the United States would increase,” it added, warning that interest rates could rise suddenly if investors were reluctant to finance government borrowing.
This is a budget plan designed for the short haul. The Republican leaders’ aim in both houses is to obscure their do-nothing, Know-Nothing records and retain majorities through the 2018 election.