Sec. Yellen: ‘I Am Concerned About Fiscal Sustainability and I Am Sorry that We Haven’t Made More Progress’

One last question One ░░░░░░░░ so great aspect of ░░░░░░░░ legacy you and President ░░░░░░░░ leave behind is a ░░░░░░░░ large budget deficit roughly ░░░░░░░░ of GDP Are you ░░░░░░░░ you couldn t make ░░░░░░░░ progress on that And ░░░░░░░░ much of a risk ░░░░░░░░ that pose to the ░░░░░░░░ Well I am concerned ░░░░░░░░ fiscal sustainability and I ░░░░░░░░ sorry that we haven ░░░░░░░░ made more progress I ░░░░░░░░ that the deficit needs ░░░░░░░░ be brought down especially ░░░░░░░░ that we re in ░░░░░░░░ environment of higher interest ░░░░░░░░ And for example over ░░░░░░░░ last year the interest ░░░░░░░░ of the debt has ░░░░░░░░ by several hundred billion ░░░░░░░░ s one of the ░░░░░░░░ items responsible for increased ░░░░░░░░ increase in the budget ░░░░░░░░ and we do need ░░░░░░░░ bring it down The ░░░░░░░░ deficit excluding interest is ░░░░░░░░ a little over 3 ░░░░░░░░ I believe it needs ░░░░░░░░ come down President Biden ░░░░░░░░ signed when we raised ░░░░░░░░ debt ceiling last an ░░░░░░░░ that has led to ░░░░░░░░ trillion in deficit reduction ░░░░░░░░ the next 10 years ░░░░░░░░ he proposed a budget ░░░░░░░░ 2025 that includes another ░░░░░░░░ trillion in deficit reduction ░░░░░░░░ the next 10 years ░░░░░░░░ that plus allowing the ░░░░░░░░ of parts of the ░░░░░░░░ jaquita the tax cut ░░░░░░░░ of 2017 to expire ░░░░░░░░ sufficient to keep our ░░░░░░░░ policy on a sustainable ░░░░░░░░ But there will be ░░░░░░░░ negotiations over what happens ░░░░░░░░ those expiring tax provisions ░░░░░░░░ everything is kept in ░░░░░░░░ and they re not ░░░░░░░░ to expire We just ░░░░░░░░ jaquita as it is ░░░░░░░░ CBO is estimated that ░░░░░░░░ cost of that is ░░░░░░░░ trillion So I believe ░░░░░░░░ s important I hope ░░░░░░░░ Congress in considering this ░░░░░░░░ look for ways to ░░░░░░░░ for whatever they do ░░░░░░░░ to avoid that explosion ░░░░░░░░ our deficit from a ░░░░░░░░ point where the deficit ░░░░░░░░ already too high and ░░░░░░░░ they ll focus any ░░░░░░░░ on middle class families ░░░░░░░░ look for ways to ░░░░░░░░ revenue and pay for ░░░░░░░░ that s put in ░░░░░░░░