Ryan warns of financial collapse over debt, urges Congress to avert ‘moral failure’

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Rep. Paul Ryan issued an urgent call to conservatives Friday to bridle the debt and head off a crisis he described as a looming “moral failure,” defending the budget he introduced earlier this week from a barrage of Democratic attacks.

“We have to tackle this problem before it tackles us,” Ryan said, speaking on the second day of the Conservative Political Action Conference.

Putting the problem in stark terms, the House Budget Committee chairman and former vice presidential nominee said the nearly $17 trillion debt will “weigh down the country like an anchor” within the next 10 years. He said lenders will at that point lose trust and interest rates across the country will soar — under pressure, he said the federal government will print more money, cheapening the currency and leading to a financial collapse that has the effect of unraveling the social safety net.

“It would be a moral failure,” Ryan said. The deficit spending, he said, “has to stop.”

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