Yellen Says Biden's Budget Would Contain US Deficit

U.S. Treasury Secretary Janet Yellen Thursday said the U.S. needed to contain fiscal deficits, and urged Congress to approve President Joe Biden's 2025 budget plan, which includes some $3 trillion in proposed deficit reductions.

Yellen told Fox News that the interest burden of U.S. debt — now at a ratio of about 100% to GDP — was at normal historical levels, given low real interest rates.

But to keep them there over the next decade, it would be critical to contain deficits, which would entail letting tax cuts enacted under former President Donald Trump expire. She said Biden would protect tax benefits received by Americans earning under $400,000.