Leo needs to fix it — but to do so he needs to keep traditionalist U.S. Catholics on side.

Insiders say that Leo was elected in part because as an American he exuded an Anglo-Saxon financial seriousness. He was also seen as well positioned to bring back donations that have dried up thanks to persistent scandal and the hemorrhaging of support from powerful American Catholic conservatives.

Already, the gambit seems to be working.

“Talking to some of the biggest donors in the country, they’re absolutely thrilled,” said one conservative Catholic leader in the U.S., granted anonymity to speak candidly. “I don’t know that they’re already writing their checks. I don’t see that necessarily yet. But as far as their optimism and excitement, it’s a 10 out of 10 — absolutely.”

A boost to donations is desperately needed. According to Reuters, the latest internal figures show the Vatican ran a deficit of €83 million in 2024, more than double the €38 million reported in its last-published financial report in 2022.

The annual shortfall adds to liabilities including half-a-billion in pension obligations to the Vatican’s superannuated beneficiaries and past losses from the Institute for the Works of Religion (IOR), the Holy See’s scandal-riddled investment vehicle, also known as the Vatican Bank.