evidence: Often, administration officials cite today’s historically low unemployment rate. On occasion, they’ve touted progress on reducing the federal deficit. During an appearance on NBC’s "Meet the Press," Treasury Secretary Janet Yellen said, "We've cut the deficit by a record $1.5 trillion this year." [...] "While I welcome deficit reduction, the $1.5 trillion was off of enormous deficits," Ellis said. "It lacks a certain context." [...] Yellen said, "We've cut the deficit by a record $1.5 trillion this year."