Yellen: National debt ‘should keep people awake at night’

The fact that U.S. debt is about to soar past $20 trillion “is the type of thing that should keep people awake at night,” outgoing Federal Reserve Board Chairwoman Janet Yellen said Wednesday in testimony to Congress.

“This should be a very significant concern,” Yellen told the Joint Economic Committee.

{mosads}She said expenditures on Medicare, Medicaid and Social Security will grow more rapidly than tax revenues as the U.S. population ages.

Yellen said the U.S economy was strong beyond the ballooning national debt, with the country near full employment and the financial system steadied by Dodd-Frank. She said that the Fed would likely raise interest rates soon to bring monetary policy back toward historic levels.