L.B.O. firms certainly never think of debt as immoral. When the borrowing is good, private equity is going to grab the money. When Mr. Romney rails against debt, he is running away from his entire career in business.

Which is worth more exploration at the intersection of Washington and Wall Street reporting.

On the other hand, the CBO says Romney’s budget plan would add $180 billion more to the debt in 2015 than current policy would and $600 billion more than the baseline would. Maybe Romney hasn’t kicked the debt habit after all.

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Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu. Follow him on Twitter at @ryanchittum.