Outgoing Treasury Sec. Yellen 'sorry that we haven't made more progress,' believes deficit must be decreased

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Outgoing Treasury Sec. Janet Yellen said that she’s “concerned about fiscal sustainability” and thinks the deficit must be decreased.

She made the comments during the Wall Street Journal’s CEO Council Summit after Greg Ip, chief economic commentator for the outlet, noted that President Joe Biden and Yellen are leaving behind a big budget deficit. “Are you sorry you couldn’t make more progress on that?” he asked. Ip also asked Yellen how much risk the issue presents to the economy.

“Well I am concerned about fiscal sustainability. And I am sorry that we haven’t made more progress. I believe that the deficit needs to be brought down, especially now that we’re in an environment of higher interest rates,” Yellen replied. 

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Yellen helmed the Treasury Department during President Joe Biden’s White House tenure, but will soon step down as Biden’s term ends next month.

In that time, the already-massive national debt continued soaring to new heights, and has now surpassed $36 trillion.

“Today, the U.S. economy is in strong shape, with a robust labor market and solid economic growth. Tune in as I join @Greg_Ip at the @WSJ CEO Council Summit to discuss the economic progress we have made under the leadership of @POTUS and @VP,” Yellen declared in a post on X.

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Yellen talks to reporters during a news conference at the Treasury Department on Oct. 22, 2024, in Washington, D.C.  (Chip Somodevilla/Getty Images)

Trump decisively defeated Vice President Kamala Harris during the 2024 presidential contest, winning both the Electoral College and the popular vote.

The president-elect tapped Scott Bessent to serve as Treasury Department secretary in his upcoming administration.

“Scott is widely respected as one of the World’s foremost International Investors and Geopolitical and Economic Strategists,” Trump said in a statement last month.

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Yellen gives remarks at an event celebrating the Community Development Financial Institutions FUND (CDFI) at the U.S. Treasury Department on Nov. 21, 2024, in Washington, D.C. (Anna Moneymaker/Getty Images)

Yellen previously served as chair of the Federal Reserve Board of governors from early February 2014 through early February 2018.