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Ultimately, the recession proved to be one of the smallest and shortest in the modern era, underwhelmed in most metrics only by the early 2000s recession. The economy returned to 1980s level growth by 1993, fueled by the desktop computer productivity boom, low interest rates, low energy prices, and a resurgent housing market.
The Progressive Conservative government of Brian Mulroney in Canada and the successful presidential election campaign of George H. W. Bush in the United States may have been aided by growth in 1988. However, neither leader could hold on to power through the last part of the recession, being challenged by political opponents running on pledges ...
Through previous administrations, the elder Bush had ubiquitously been known as "George Bush" or "President Bush", but following his son's election, the need to distinguish between them has made retronymic forms such as "George H. W. Bush" and "George Bush Sr." and colloquialisms such as "Bush 41" and "Bush the Elder" more common. [294]
Signed into law by President George H. W. Bush on November 5, 1990 [1] The Omnibus Budget Reconciliation Act of 1990 ( OBRA-90 ; Pub. L. 101–508 , 104 Stat. 1388 , enacted November 5, 1990 ) is a United States statute enacted pursuant to the budget reconciliation process to reduce the United States federal budget deficit.
Read my lips: no new taxes" is a phrase spoken by American presidential candidate George H. W. Bush at the 1988 Republican National Convention as he accepted the nomination on August 18. Written by speechwriter Peggy Noonan, the line was the most prominent sound bite from the speech. The pledge not to tax the American people further had been a ...
The economic policy and legacy of the George W. Bush administration was characterized by significant income tax cuts in 2001 and 2003, the implementation of Medicare Part D in 2003, increased military spending for two wars, a housing bubble that contributed to the subprime mortgage crisis of 2007–2008, and the Great Recession that followed ...
The history of the United States from 1980 until 1991 includes the last year of the Jimmy Carter presidency, eight years of the Ronald Reagan administration, and the first three years of the George H. W. Bush presidency, up to the collapse of the Soviet Union.
The shutdown stemmed from disagreements over the 1991 United States federal budget, whose fiscal year was to begin on October 1, 1990. Over the course of the prior year, President George H. W. Bush negotiated with Congressional leaders on a deficit reduction plan. At the time, Congress was controlled by Democrats.