The U.S. deficit-to-gross domestic product ratio has room to come down to the 3% range, Treasury Secretary Scott Bessent said Wednesday.

"The deficit-to-GDP, which is the important number, now has a five in front of it," Bessent said at a CNBC event held on the sidelines of the International Monetary Fund and World Bank annual meetings in Washington

Bessent added that the deficit for the fiscal year that ended on September 30 was smaller than the year before.

The Treasury Department has not reported the annual deficit figure yet because of the ongoing federal government shutdown.

Asked if he wanted to see a three at the start of the deficit-to-GDP ratio, Bessent said, "Yes, it's still possible."