146-543: (Redirected from Bush White House ) Presidency of George Bush may refer to: Presidency of George H. W. Bush , the United States presidential administration from 1989 to 1993 Presidency of George W. Bush , the United States presidential administration from 2001 to 2009 See also [ edit ] President Bush (disambiguation) George Bush (disambiguation) Bush (disambiguation) Topics referred to by
292-453: A cash rather than an accrual basis, although the accrual basis may provide more information on the longer-term implications of the government's annual operations. The United States public debt is often expressed as a ratio of public debt to GDP. The ratio of debt to GDP may decrease as a result of a government surplus as well as from growth of GDP and inflation. Under normal accounting rules, fully owned companies would be consolidated into
438-478: A "total deficit" of $ 455 billion. This latter figure is the one commonly reported in the media. However, an additional $ 313 billion was required for "the Treasury actions aimed at stabilizing the financial markets," an unusually high amount because of the subprime mortgage crisis . This meant that the "debt held by the public" increased by $ 768 billion ($ 455B + $ 313B = $ 768B). The "off-budget surplus"
584-474: A 39-day bombing of the Iraqi capital of Baghdad and other Iraqi positions. The bombing devastated Iraq's power grid and communications network, and resulted in the desertion of about 100,000 Iraqi soldiers. In retaliation, Iraq launched Scud missiles at Israel and Saudi Arabia, but most of the missiles did little damage. On February 23, coalition forces began a ground invasion into Kuwait, evicting Iraqi forces by
730-467: A July 2010 publication: The U.S. has never fully defaulted. In April 1979, however, the U.S. may have technically defaulted on $ 122 million (~$ 413 million in 2023) in Treasury bills , which was less than 1% of U.S. debt. The Treasury Department characterized it as a delay rather than as a default, but it did have consequences for short-term interest rates, which jumped 0.6%. Others view it as
876-696: A bill that would have provided leave for workers in situations of a child's birth, adoption, or family illness. On September 22, 1992, Bush vetoed a bill that would have allowed workers to take at least 12 weeks of unpaid leave. The Senate successfully voted to override Bush's veto, but the House didn't. In 1982, Congress had passed the Garn–St. Germain Depository Institutions Act , which deregulated savings and loans associations and increased FDIC insurance for savings and loans associations. As
1022-644: A free trade agreement after he took office in 1988. The Bush administration, along with the Progressive Conservative Canadian Prime Minister Brian Mulroney , spearheaded the negotiations of the North American Free Trade Agreement (NAFTA) with Mexico. In addition to lowering tariffs, the proposed treaty would restrict patents, copyrights, and trademarks. In 1991, Bush sought fast track authority, which grants
1168-454: A large chunk of the electorate. Despite his defeat, Bush left office with a 56 percent job approval rating, and he remained popular with the public until his death in 2018. In polls of historians and political scientists , George H.W. Bush is generally ranked as an above-average president. Having served in various government positions, particularly the position of Director of the CIA , Bush sought
1314-442: A little less than half of the total national debt is owed to the "Federal Reserve and intragovernmental holdings". The foreign and international holders of the debt are also put together from the notes, bills, and bonds sections. To the right is a chart for the data as of June 2008: As of October 2018, foreigners owned $ 6.2 trillion of U.S. debt, or approximately 39% of the debt held by the public of $ 16.1 trillion and 28% of
1460-418: A mild recession in 1990 . The unemployment rate rose from 5.9 percent in 1989 to a high of 7.8 percent in mid-1991. A number of highly publicized early layoffs by companies like Aetna led some to call it a "white-collar recession". In point of fact, by late 1991 there had been more than a million blue-collar jobs lost compared to approximately 200,000 white-collar jobs lost for a 5-to-1 ratio. Even so, this
1606-553: A negative relationship between high debt and growth remains. However, other economists, including Paul Krugman , have argued that it is low growth which causes national debt to increase, rather than the other way around. Commenting on fiscal sustainability , former Federal Reserve Chairman Ben Bernanke stated in April 2010 that "Neither experience nor economic theory clearly indicates the threshold at which government debt begins to endanger prosperity and economic stability. But given
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#17327827252401752-878: A new era of friendship. In January 1993, Bush and Yeltsin agreed to START II , which provided for further nuclear arms reductions on top of the original START treaty. The United States and the Soviet Union had been the two superpowers , and now only the USA remained in that status. Under the leadership of Saddam Hussein , Iraq had invaded Iran in 1980, beginning the Iran–Iraq War , which finally ended in 1988. The U.S. had supported Iraq during that war due to U.S. hostility towards Iran, but Bush decided not to renew loans to Iraq because of Hussein's brutal crack-down on dissent and his threats to attack Israel . Faced with massive debts and low oil prices, Hussein decided to conquer
1898-409: A new treaty with Canada and Mexico in 2020 that made few changes. Faced with several issues, Bush refrained from proposing major domestic programs during his tenure. He did, however, make frequent use of the presidential veto, and used the threat of the veto to influence legislation. The U.S. economy had generally performed well since emerging from recession in late 1982 , but finally slipped into
2044-474: A ratio to GDP . The United States public debt as a percentage of GDP reached its highest level during Harry Truman 's first presidential term, during and after World War II . Public debt as a percentage of GDP fell rapidly in the post-World War II period and reached a low in 1974 under Richard Nixon . Debt as a share of GDP has consistently increased since then, except during the presidencies of Jimmy Carter and Bill Clinton . Public debt rose sharply during
2190-456: A reunified Germany, especially if it became part of NATO , but the upheavals of the previous year had sapped his power at home and abroad. "Two-Plus-Four" talks among the U.S., the Soviet Union, France, Britain, West Germany, and East Germany began in 1990. After extensive negotiations, Gorbachev eventually agreed to allow a reunified Germany to be a part of NATO. With the signing of the Treaty on
2336-718: A role he had also held under Ford. In the aftermath of the Reagan era Iran–Contra affair , Bush and Scowcroft reorganized the National Security Council , vesting power in it as an important policy-making body. Scowcroft's deputy, Robert Gates , emerged as an influential member of the National Security Council. Another important foreign policy adviser was General Colin Powell , a former National Security Advisor who Bush selected as Chairman of
2482-451: A temporary, partial default. The United States debt ceiling is a legislative constraint on the amount of national debt that can be incurred by the U.S. Treasury . It limits how much money the federal government may pay on the debt it already has by borrowing even more money. The debt ceiling applies to almost all federal debt, including accounts owned by the public and intra-government funds for Medicare and Social Security . In 2009
2628-622: A trilateral trade bloc consisting of the United States, Canada, and Mexico. In domestic affairs, Bush faced a large federal budget deficit . Despite insisting he was pledged to not raise taxes , Bush agreed to a budget with the Democratic-controlled Congress that raised taxes and cut spending. In the aftermath of allied victory in the Gulf War, Bush was widely considered likely to win re-election, but Clinton defeated Bush with third party candidate Ross Perot taking
2774-750: A well-received speech at the 1988 Republican National Convention . Known as the " thousand points of light " speech, it described Bush's vision of America: he endorsed the Pledge of Allegiance , prayer in schools , capital punishment , and gun rights . Bush also pledged that he would not raise taxes, stating: "Congress will push me to raise taxes, and I'll say no, and they'll push, and I'll say no, and they'll push again. And all I can say to them is: read my lips. No new taxes." Bush selected little-known Senator Dan Quayle of Indiana as his running mate. Though Quayle had compiled an unremarkable record in Congress, he
2920-610: A widely mocked ride in an M1 Abrams tank and a poor performance at the second presidential debate. Bush defeated Dukakis by a margin of 426 to 111 in the Electoral College , and he took 53.4 percent of the national popular vote. Bush ran well in all the major regions of the country, but especially in the South . He became the first sitting vice president to be elected president since Martin Van Buren in 1836, as well as
3066-559: Is $ 116 billion more than in FY2017. The Treasury statements as summarized by in the CBO report that corporate taxes for 2017 and 2018 declined by $ 92 billion representing a drop of 31%. The CBO added that "about half of the decline ... occurred since June" when some of the provisions of the Tax Cuts and Jobs Act of 2017 took effect, which included the "new lower corporate tax rate and
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#17327827252403212-465: Is an estimated $ 45.8 trillion. This is the amount that would have had to be set aside in 2009 in order to pay for the unfunded obligations which, under current law, will have to be raised by the government in the future. Approximately $ 7.7 trillion relates to Social Security, while $ 38.2 trillion relates to Medicare and Medicaid. In other words, health care programs will require nearly five times more funding than Social Security. Adding this to
3358-505: Is different from Wikidata All article disambiguation pages All disambiguation pages Presidency of George H. W. Bush George H. W. Bush 's tenure as the 41st president of the United States began with his inauguration on January 20, 1989, and ended on January 20, 1993. Bush, a Republican from Texas and the incumbent vice president for two terms under President Ronald Reagan , took office following his landslide victory over Democratic nominee Michael Dukakis in
3504-539: Is higher than the rate of increase of debt. Conversely, the debt to GDP ratio can increase even while debt is being reduced, if the decline in GDP is sufficient. According to the CIA World Factbook , during 2015, the U.S. debt to GDP ratio of 73.6% was the 39th highest in the world. This was measured using "debt held by the public." However, $ 1 trillion in additional borrowing since the end of FY 2015 raised
3650-484: Is new ground to be broken, and new action to be taken. Bush would go on to describe his vision of the nation, saying: America today is a proud, free nation, decent and civil, a place we cannot help but love. We know in our hearts, not loudly and proudly, but as a simple fact, that this country has meaning beyond what we see, and that our strength is a force for good. But have we changed as a nation even in our time? Are we enthralled with material things, less appreciative of
3796-415: Is projected to continue rising relative to GDP under the above two scenarios, although the CBO did also offer other scenarios that involved austerity measures that would bring the debt to GDP ratio down. Since 2010, the U.S. Treasury has been obtaining negative real interest rates on government debt, meaning the inflation rate is greater than the interest rate paid on the debt. Such low rates, outpaced by
3942-410: Is the debt divided by the GDP amount. The Congressional Budget Office includes historical budget and debt tables along with its annual "Budget and Economic Outlook". Debt held by the public as a percentage of GDP rose from 34.7% GDP in 2000 to 40.5% in 2008 and 67.7% in 2011. Mathematically, the ratio can decrease even while debt grows if the rate of increase in GDP (which also takes account of inflation)
4088-606: Is the highest fourth quarter issuance "since 2008, at the height of the financial crisis." As cited by the Journal and the Business Insider , the primary drivers of new debt issuance are "stagnant", "sluggish tax revenues", a decrease in "corporate tax revenue", due to the GOP Tax Cuts and Jobs Act of 2017 , the "bipartisan budget agreement", and "higher government spending". As of July 20, 2020, debt held by
4234-588: Is the sum of the on-budget deficit (or surplus) and the off-budget deficit (or surplus). Since FY1960, the federal government has run on-budget deficits except for FY1999 and FY2000, and total federal deficits except in FY1969 and FY1998–FY2001. For example, in January 2009 the CBO reported that for FY2008, the "on-budget deficit" was $ 638 billion, offset by an "off-budget surplus" (mainly due to Social Security revenue in excess of payouts) of $ 183 billion, for
4380-592: The 1988 presidential election . His presidency ended following his defeat in the 1992 presidential election to Democrat Bill Clinton , after one term in office. Bush was the father of the 43rd president, George W. Bush . International affairs drove the Bush presidency, which navigated the end of the Cold War and a new era of U.S.–Soviet relations . After the fall of the Berlin Wall , Bush successfully pushed for
4526-517: The Consolidated Appropriations Act, 2018 signed into law on March 23, 2018. Debt levels may affect economic growth rates. In 2010, economists Kenneth Rogoff and Carmen Reinhart reported that among the 20 developed countries studied, average annual GDP growth was 3–4% when debt was relatively moderate or low (i.e., under 60% of GDP), but it dips to just 1.6% when debt was high (i.e., above 90% of GDP). In April 2013,
Presidency of George Bush - Misplaced Pages Continue
4672-754: The Emergency Economic Stabilization Act of 2008 and the American Recovery and Reinvestment Act of 2009 . In their September 2018 monthly report published on October 5 and based on data from the Treasury Department's "Daily Treasury Statements" (DTS), the Congressional Budget Office (CBO) wrote that the federal budget deficit was c.$ 782 billion for the fiscal year 2018—which runs from October 2017 through September 2018. This
4818-705: The Government Accountability Office (GAO) reported that the United States was on a "fiscally unsustainable" path because of projected future increases in Medicare and Social Security spending. According to the Treasury report in October 2018, summarized by Business Insider ' s Bob Bryan, the U.S. federal budget deficit rose as a result of the Tax Cuts and Jobs Act of 2017 signed into law by President Donald Trump on December 22, 2017 and
4964-542: The No Child Left Behind Act . The disabled had not received legal protections under the landmark Civil Rights Act of 1964 , and many faced discrimination and segregation as Bush took office. In 1988, Lowell P. Weicker Jr. and Tony Coelho had introduced the Americans with Disabilities Act, which barred employment discrimination against qualified individuals with disabilities. The bill had passed
5110-718: The United Kingdom ($ 0.4 trillion or 6.2%). Historically, the share held by foreign governments had grown over time, rising from 13% of the public debt in 1988 to 34% in 2015. In more recent years, foreign ownership has retreated both in percent of total debt and total dollar amounts. China's maximum holding of 9.1% or $ 1.3 trillion of U.S. debt occurred in 2011, subsequently reduced to 5% in 2018. Japan's maximum holding of 7% or $ 1.2 trillion occurred in 2012, subsequently reduced to 4% in 2018. According to Paul Krugman , "America actually earns more from its assets abroad than it pays to foreign investors." Nonetheless,
5256-507: The inflation rate , occur when the market believes that there are no alternatives with sufficiently low risk, or when popular institutional investments such as insurance companies, pensions , or bond, money market, and balanced mutual funds are required or choose to invest sufficiently large sums in Treasury securities to hedge against risk. Economist Lawrence Summers states that at such low interest rates, government borrowing actually saves taxpayer money and improves creditworthiness. In
5402-534: The reunification of Germany in close cooperation with West German Chancellor Helmut Kohl , overcoming the reluctance of Gorbachev . He also led an international coalition of countries which invaded and defeated Iraq after it invaded Kuwait in the Gulf War . On a smaller scale he directed a military invasion to overthrow a dictator in Panama . Bush signed the North American Free Trade Agreement , which created
5548-472: The " thousand points of light " theme to describe the power of citizens to solve community problems. In his 1989 inaugural address, President Bush said, "I have spoken of a thousand points of light, of all the community organizations that are spread like stars throughout the Nation, doing good." Four years later, in his report to the nation on The Points of Light Movement, President Bush said, "Points of Light are
5694-426: The $ 220 billion deficit represented a threefold increase since 1980. The chief factors pushing the federal deficit upward going in to 1991 were the weak economy, which was depressing both corporate profits and household incomes, and a bailout for the savings and loans industry , which cost more than $ 100 billion over multiple years. By the end of 1991, polls showed significant public discontent with Bush's handling of
5840-617: The $ 30 trillion mark for the first time in history in February 2022. As of December 2023, total federal debt was $ 33.1 trillion; $ 26.5 trillion held by the public and $ 12.1 trillion in intragovernmental debt. The annualized cost of servicing this debt was $ 726 billion in July 2023, which accounted for 14% of the total federal spending. In February 2024, the total federal government debt grew to $ 34.4 trillion after having grown by approximately $ 1 trillion in both of two separate 100-day periods since
5986-405: The 1980s, as Ronald Reagan negotiated with Congress to cut tax rates and increase military spending . It fell during the 1990s because of decreased military spending, increased taxes and the 1990s boom . Public debt rose sharply during George W. Bush's presidency and in the wake of the 2007–2008 financial crisis , with resulting significant tax revenue declines and spending increases, such as
Presidency of George Bush - Misplaced Pages Continue
6132-470: The 30-year period through 2049. The CBO reported: Large budget deficits over the next 30 years are projected to drive federal debt held by the public to unprecedented levels—from 78 percent of gross domestic product (GDP) in 2019 to 144 percent by 2049. That projection incorporates CBO's central estimates of various factors, such as productivity growth and interest rates on federal debt. CBO's analysis indicates that even if values for those factors differed from
6278-459: The Bush administration avoided the appearance of gloating over the demise of the Eastern Bloc to avoid undermining further democratic reforms. Bush also helped convince Polish leaders to allow democratic elections and became the first sitting U.S. president to visit Hungary. By mid-1989, as unrest blanketed Eastern Europe, Bush requested a meeting with Gorbachev, and the two agreed to hold
6424-628: The Bush administration considered the possibility of foregoing the use of force against Iraq, with the hope that economic sanctions and international pressure would eventually convince Hussein to withdraw from Kuwait. At Bush's insistence, in November 1990, the United Nations Security Council approved a resolution authorizing the use of force if Iraq did not withdrawal from Kuwait by January 15, 1991. Gorbachev's support, as well as China's abstention, helped ensure passage of
6570-468: The Bush foreign policy were: During the 1980s, the U.S. had supplied aid to Manuel Noriega , an anti-Communist dictator of Panama who engaged in drug trafficking. In May 1989, Noriega annulled the results of a democratic presidential election. Bush objected to the annulment of the election and worried about the status of the Panama Canal seeing Noriega as a threat. After an American serviceman
6716-662: The Communist party , and Russian president Boris Yeltsin ordered Russia to seize property previously controlled by the Kremlin. Gorbachev's power evaporated but he clung to nominal office as the President of the Soviet Union until December 1991, when the Soviet Union dissolved . Fifteen states emerged from the USSR, and of those states, Russia was the largest and most populous. Bush and Yeltsin met in February 1992, declaring
6862-571: The December 1989 Malta Summit . After the Malta summit, Bush sought cooperative relations with Gorbachev throughout the remainder of his term, believing that the Soviet leader was the key to peacefully ending the Soviet domination of Eastern Europe. In May 1990 Bush identified free elections, political pluralism, and the rule of law as the cornerstones of freedom and urged that they be enshrined among
7008-509: The Federal Hospital Insurance Trust Fund (Medicare). Only debt held by the public is reported as a liability on the consolidated financial statements of the United States government. Debt held by US government accounts is an asset to those accounts but a liability to the Treasury; they offset each other in the consolidated financial statements. Government receipts and expenditures are normally presented on
7154-519: The Final Settlement with Respect to Germany , Germany officially reunified in October 1990. Gorbachev suppressed nationalist movements within the Soviet Union itself. The Soviet Union had occupied and annexed the Baltic states of Lithuania , Latvia , and Estonia in the 1940s, and many of the residents had never accepted Soviet rule. Lithuania's March 1990 proclamation of independence
7300-572: The Joint Chiefs of Staff in 1989. Beginning mid-May 1991, several damaging stories about Sununu, many of them involving taxpayer funded trips on air force jets, surfaced. Bush was reluctant to dismiss Sununu until December 1991, when Sununu was forced to resign. Secretary of Transportation Samuel K. Skinner , who earned plaudits for his handling of the Exxon Valdez oil spill , replaced Sununu as chief of staff. Clayton Yeutter also joined
7446-519: The Persian Gulf must be assured. And American citizens abroad must be protected." He then outlined a fifth, long-term objective: "Out of these troubled times, our fifth objective – a new world order – can emerge: a new era – freer from the threat of terror, stronger in the pursuit of justice, and more secure in the quest for peace. An era in which the nations of the world, East and West, North and South, can prosper and live in harmony.... A world where
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#17327827252407592-510: The Presidency at a moment rich with promise. We live in a peaceful, prosperous time, but we can make it better. For a new breeze is blowing, and a world refreshed by freedom seems reborn; for in man's heart, if not in fact, the day of the dictator is over. The totalitarian era is passing, its old ideas blown away like leaves from an ancient, lifeless tree. A new breeze is blowing, and a nation refreshed by freedom stands ready to push on. There
7738-670: The President . New Hampshire Governor John H. Sununu , a strong supporter of Bush during the 1988 campaign, became chief of staff. Sununu would oversee the administration's domestic policy until his resignation in 1991. Richard Darman , who had previously served in the Treasury Department, became the Director of the Office of Management and Budget . Brent Scowcroft was appointed as the National Security Advisor ,
7884-517: The Republican Party, Bush's statement represented a betrayal, and they heavily criticized him for compromising so early in the negotiations. In September 1990, Bush and Congressional Democrats announced a compromise to cut funding for mandatory and discretionary programs while also raising revenue, partly through a higher gas tax. The compromise additionally included a "pay as you go" provision that required that new programs be paid for at
8030-581: The Senate but not the House, and it was reintroduced in 1989. Though some conservatives opposed the bill due to its costs and potential burdens on businesses, Bush strongly supported it, partly because his son, Neil , had struggled with dyslexia . After the bill passed both houses of Congress, Bush signed the Americans with Disabilities Act of 1990 into law in July 1990. The act required employers and public accommodations to make "reasonable accommodations" for
8176-462: The Senate, as well as from pro-choice groups and the NAACP . His nomination faced another difficulty when Anita Hill accused Thomas of having sexually harassed her during his time as the chair of EEOC. Thomas won confirmation in a narrow 52–48 vote; 43 Republicans and 9 Democrats voted to confirm Thomas's nomination, while 46 Democrats and 2 Republicans voted against confirmation. Thomas became one of
8322-619: The Supreme Court vacancy through the efforts of Chief of Staff Sununu, a fellow native of New Hampshire. Souter was easily confirmed and served until 2009, but joined the liberal bloc of the court, disappointing Bush. In 1991, Bush nominated conservative federal judge Clarence Thomas to succeed Thurgood Marshall , a long-time liberal stalwart. Thomas, the former head of the Equal Employment Opportunity Commission (EEOC), faced heavy opposition in
8468-407: The U.S. and Canada had reached a free trade agreement that eliminated many tariffs between the two countries. President Reagan had intended it as the first step towards a larger trade agreement to eliminate most tariffs among the United States, Canada, and Mexico . Mexico had resisted becoming involved in the agreement at the time, but Carlos Salinas de Gortari expressed a willingness to negotiate
8614-526: The UN resolution. Bush convinced Britain, France, and other nations to commit soldiers to an operation against Iraq, and he won important financial backing from Germany, Japan, South Korea, Saudi Arabia, and the United Arab Emirates . In January 1991, Bush asked Congress to approve a joint resolution authorizing a war against Iraq. Bush believed that the UN resolution had already provided him with
8760-502: The United States is the total national debt owed by the federal government of the United States to Treasury security holders. The national debt at any point in time is the face value of the then-outstanding Treasury securities that have been issued by the Treasury and other federal agencies . The terms "national deficit" and "national surplus" usually refer to the federal government budget balance from year to year, not
8906-472: The administration as a Counselor to the President for domestic policy. Baker became chief of staff in August 1992 and was succeeded as Secretary of State by Lawrence Eagleburger . Vice President Quayle enjoyed warm relations with Bush, and he served as a liaison to conservative members of Congress. However, his influence did not rival that of leading staffers and cabinet members like Baker and Sununu. Quayle
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#17327827252409052-509: The agency's projections, debt several decades from now would probably be much higher than it is today. Furthermore, under alternative scenarios: If lawmakers changed current laws to maintain certain major policies now in place—most significantly, if they prevented a cut in discretionary spending in 2020 and an increase in individual income taxes in 2026—then debt held by the public would increase even more, reaching 219 percent of GDP by 2049. By contrast, if Social Security benefits were limited to
9198-520: The amounts payable from revenues received by the Social Security trust funds, debt in 2049 would reach 106 percent of GDP, still well above its current level. Over the long-term, the CBO projects that interest expense and mandatory spending categories (e.g., Medicare, Medicaid and Social Security) will continue to grow relative to GDP, while discretionary categories (e.g., Defense and other Cabinet Departments) continue to fall relative to GDP. Debt
9344-445: The annual increase in the debt. The major categories of differences are the treatment of the Social Security program, Treasury borrowing, and supplemental appropriations outside the budget process. Social Security payroll taxes and benefit payments, along with the net balance of the U.S. Postal Service , are considered "off-budget", while most other expenditure and receipt categories are considered "on-budget". The total federal deficit
9490-422: The attack remains controversial. As Secretary of Defense Cheney noted, "Once we had rounded Hussein up and gotten rid of his government, then the question is what do you put in his place?" In the aftermath of the war, the Bush administration encouraged rebellions against Iraq, and Kurds and Shia Arabs both rose against Hussein . The U.S. declined to intervene in the rebellion, and Hussein violently suppressed
9636-410: The books of their owners, but the large size of Fannie Mae and Freddie Mac has made the U.S. government reluctant to incorporate them into its own books. When the two mortgage companies required bail-outs, White House Budget Director Jim Nussle, on September 12, 2008, initially indicated their budget plans would not incorporate the government-sponsored enterprise (GSE) debt into the budget because of
9782-431: The budget process entirely until President Obama began including most of them in his FY2010 budget. In other words, spending the "off budget" Social Security surplus adds to the total national debt (by increasing the intragovernmental debt) while the "off-budget" surplus reduces the "total" deficit reported in the media. Certain spending called "supplemental appropriations" is outside the budget process entirely but adds to
9928-530: The campaigns of former Senator Gary Hart and Senator Joe Biden both ended in controversy. Ultimately, Governor Michael Dukakis , known for presiding over an economic turnaround in Massachusetts, emerged as the Democratic presidential nominee, defeating Jesse Jackson , Al Gore , and several other candidates. Leading in the polls, Dukakis launched a low-risk campaign that proved ineffective. Under
10074-656: The cash upon receipt but spent for other purposes. If the government continues to run deficits in other parts of the budget, the government will have to issue debt held by the public to fund the Social Security Trust Fund, in effect exchanging one type of debt for the other. Other large intragovernmental holders include the Federal Housing Administration, the Federal Savings and Loan Corporation's Resolution Fund and
10220-488: The conclusions of Rogoff and Reinhart's study came into question when a coding error in their original paper was discovered by Herndon, Ash and Pollin of the University of Massachusetts Amherst . Herndon, Ash and Pollin found that after correcting for errors and unorthodox methods used, there was no evidence that debt above a specific threshold reduces growth. Reinhart and Rogoff maintain that after correcting for errors,
10366-445: The country of Kuwait, a small, oil-rich country situated on Iraq's southern border. After Iraq invaded Kuwait in August 1990, Bush imposed economic sanctions on Iraq and assembled a multi-national coalition opposed to the invasion. The administration feared that a failure to respond to the invasion would embolden Hussein to attack Saudi Arabia or Israel, and wanted to discourage other countries from similar aggression. Many in
10512-444: The country's net international investment position represents a debt of more than $ 9 trillion. The CBO estimated the impact of the Tax Cuts and Jobs Act and separate spending legislation over the 2018–2028 period in their annual "Budget & Economic Outlook", released in April 2018: The CBO estimated that the budget deficit for fiscal year 2020 would increase to $ 3.3 trillion or 16% GDP, more than triple that of 2019 and
10658-443: The course of a fiscal year . There are two components of gross national debt: Historically, the U.S. public debt as a share of gross domestic product (GDP) increases during wars and recessions and then subsequently declines. The ratio of debt to GDP may decrease as a result of a government surplus or via growth of GDP and inflation . The Congressional Budget Office (CBO) estimated in February 2024 that Federal debt held by
10804-778: The crisis, such as those made under the Troubled Asset Relief Program , was included in the debt totals. The U.S. federal government is obligated under current law to make mandatory payments for programs such as Medicare , Medicaid and Social Security. The Government Accountability Office (GAO) projects that payouts for these programs will significantly exceed tax revenues over the next 75 years. The Medicare Part A (hospital insurance) payouts already exceed program tax revenues, and social security payouts exceeded payroll taxes in fiscal year 2010. These deficits require funding from other tax sources or borrowing. The present value of these deficits or unfunded obligations
10950-461: The cumulative amount of debt . In a deficit year the national debt increases as the government needs to borrow funds to finance the deficit , while in a surplus year the debt decreases as more money is received than spent, enabling the government to reduce the debt by buying back some Treasury securities. In general, government debt increases as a result of government spending and decreases from tax or other receipts, both of which fluctuate during
11096-470: The debt, the Treasury also publishes information that groups the types of holders by general categories to portray who owns United States debt. In this data set, some of the public portion is moved and combined with the total government portion, because this amount is owned by the Federal Reserve as part of United States monetary policy. (See Federal Reserve System .) As is apparent from the chart,
11242-543: The deficits. Two economists, Jaromir Benes and Michael Kumhof, working for the International Monetary Fund , published a working paper called The Chicago Plan Revisited suggesting that the debt could be eliminated by raising bank reserve requirements and converting from fractional-reserve banking to full-reserve banking . Economists at the Paris School of Economics have commented on
11388-413: The direction of strategist Lee Atwater , the Bush campaign attacked Dukakis as an unpatriotic liberal extremist. The campaign seized on Willie Horton , a convicted felon from Massachusetts who had raped a woman while on a prison furlough ; the Bush campaign charged that Dukakis presided over a " revolving door " that allowed dangerous convicted felons to leave prison. Dukakis damaged his own campaign with
11534-542: The disabled, while providing an exception when such accommodations imposed an "undue hardship". After the Supreme Court handed down rulings that limited the enforcement of employment discrimination , Senator Ted Kennedy led passage of a bill known as the Civil Rights Act of 1990 which was designed to facilitate launching employment discrimination lawsuits. In vetoing the bill, Bush argued that it would lead to racial quotas in hiring. Congress failed to override
11680-431: The disorder that could come with secession from the Soviet Union; in a 1991 address that critics labeled the " Chicken Kiev speech ", he cautioned against "suicidal nationalism". In August 1991, hard-line Communists launched a coup against Gorbachev; while the coup quickly fell apart, it broke the remaining power of Gorbachev and the central Soviet government. Later that month, Gorbachev resigned as general secretary of
11826-582: The early front-runner for the nomination, Bush came in third in the Iowa caucus , behind Dole and Robertson. Due in part to a financial advantage over Dole, Bush rebounded with a victory in the New Hampshire primary , then won South Carolina and 16 of the 17 states holding a primary on Super Tuesday . Bush's competitors dropped out of the race soon after Super Tuesday. Bush, occasionally criticized for his lack of eloquence when compared to Reagan, delivered
11972-682: The economic sanctions that had been levied against China were lifted. George Washington University revealed that, through high-level secret channels on 30 June 1989, the US government conveyed to the government of the People's Republic of China that the events around the Tiananmen Square protests were an "internal affair". Fang Lizhi and his wife remained in the US Embassy until 25 June 1990, when they were allowed by Chinese authorities to leave
12118-434: The economy. As the public became increasingly concerned about the economy and other domestic affairs, Bush's well-received handling of foreign affairs became less of an issue for most voters. Several congressional Republicans and economists urged Bush to respond to the recession, but the administration was unable to develop an economic plan. As he was opposed to major defense spending cuts and had pledged to not raise taxes,
12264-608: The embassy and board a U.S. Air Force C-135 transport plane to Britain. This resolution partly came about after confidential negotiations between Henry Kissinger , acting on behalf of US President Bush, and Deng. Other factors were a false confession by Fang, an attempted intervention by Scowcroft, and an offer from the Japanese government to resume loans to the PRC in return for the resolution of "the Fang Lizhi problem." In 1987,
12410-426: The end of February 27. About 300 Americans, as well as approximately 65 soldiers from other coalition nations, died during the military action. A cease fire was arranged on March 3, and the UN passed a resolution establishing a peacekeeping force in a demilitarized zone between Kuwait and Iraq. A March 1991 Gallup poll showed that Bush had an approval rating of 89 percent, the highest presidential approval rating in
12556-661: The expanded ability to immediately deduct the full value of equipment purchases". (~$ 1.6 trillion in 2023) According to articles in The Wall Street Journal and Business Insider , based on documents released on October 29, 2018, by the Treasury Department , the department's projection estimated that by the fourth quarter of the FY2018, it would have issued c. $ 1.338 trillion (~$ 1.6 trillion in 2023) in debt. This would have been
12702-618: The first person to succeed a president from his own party via election since Herbert Hoover in 1929. In the concurrent congressional elections , Democrats retained control of the House of Representatives and the Senate . Bush was inaugurated on January 20, 1989, succeeding Ronald Reagan. He entered office at a period of change in the world; the fall of the Berlin Wall and the collapse of Soviet Union came in his presidency. In his inaugural address, Bush said: I come before you and assume
12848-608: The gasoline tax increase in favor of higher income taxes on top earners. It included cuts to domestic spending, but the cuts were not as deep as those that had been proposed in the original compromise. Bush's decision to sign the bill damaged his standing with conservatives and the general public, but it also laid the groundwork for the budget surpluses of the late 1990s. Though Bush generally refrained from making major proposals for new domestic programs, he stated his intention to be an education and environmental president. A 1983 report, titled A Nation at Risk , had raised concern about
12994-577: The governments of Bulgaria and Romania instituted major reforms. In November 1989, the government of East Germany opened the Berlin Wall , and it was subsequently demolished by gleeful Berliners. Many Soviet leaders urged Gorbachev to crush the dissidents in Eastern Europe, but Gorbachev declined to send in the Soviet military, effectively abandoning the Brezhnev Doctrine . The U.S. was not directly involved in these upheavals, but
13140-414: The highest debt issuance since 2010, when it reached $ 1.586 trillion (~$ 2.16 trillion in 2023). The Treasury anticipated that the total "net marketable debt"—net marketable securities—issued in the fourth quarter would reach $ 425 billion; which would raise the 2018 "total debt issuance" to over a trillion dollars of new debt, representing a "146% jump from 2017". According to the Journal that
13286-453: The history of Gallup polling. During the military action, the coalition forces did not pursue Iraqi forces across the border, leaving Hussein and his elite Republican Guard in control of Iraq. Bush explained that he did not give the order to overthrow the Iraqi government because it would have "incurred incalculable human and political costs.... We would have been forced to occupy Baghdad and, in effect, rule Iraq." His decision not to press
13432-705: The impact of tougher regulations. The legislation sought to curb acid rain and smog by requiring decreased emissions of chemicals such as sulfur dioxide . The measure was the first major update to the Clean Air Act since 1977. Bush also signed the Oil Pollution Act of 1990 in response to the Exxon Valdez oil spill . However, the League of Conservation Voters criticized some of Bush's other environmental actions, including his opposition to stricter auto-mileage standards . On June 29, 1990, Bush vetoed
13578-531: The international community agreed; Margaret Thatcher stated that "if Iraq wins, no small state is safe." Bush also wanted to ensure continued access to oil, as Iraq and Kuwait collectively accounted for 20 percent of the world's oil production, and Saudi Arabia produced another 26 percent of the world's oil supply. In preparation for a military operation against Iraq, the United States transferred thousands of soldiers to Saudi Arabia, and General Norman Schwarzkopf Jr. developed an invasion plan. For several weeks,
13724-522: The largest as % GDP since 1945, because of the impact of the COVID-19 pandemic . CBO also forecast the debt held by the public would rise to 98% GDP in 2020, compared with 79% in 2019 and 35% in 2007 before the Great Recession . The CBO reports its Long-Term Budget Outlook annually, providing at least two scenarios for spending, revenue, deficits, and debt. The 2019 Outlook mainly covers
13870-465: The largest as % GDP since 1945. In December 2021, debt held by the public was estimated at 96.19% of GDP, and approximately 33% of this public debt was owned by foreigners (government and private). The United States has the largest external debt in the world . The total number of U.S. Treasury securities held by foreign entities in December 2021 was $ 7.7 trillion, up from $ 7.1 trillion in December 2020. Total US federal government debt breached
14016-427: The late 1940s through the early 1970s, the U.S. and UK both reduced their debt burden by about 30% to 40% of GDP per decade by taking advantage of negative real interest rates, but there is no guarantee that government debt rates will continue to stay this low. Between 1946 and 1974, the U.S. debt-to-GDP ratio fell from 121% to 32% even though there were surpluses in only eight of those years which were much smaller than
14162-465: The long-term sustainability of the federal government's fiscal policies . The aggregate, gross amount that Treasury can borrow is limited by the United States debt ceiling . During the COVID-19 pandemic , the federal government spent trillions in virus aid and economic relief. The Congressional Budget Office (CBO) estimated that the budget deficit for fiscal year 2020 would increase to $ 3.3 trillion or 16% GDP, more than triple that of 2019 and
14308-436: The marketable securities are Treasury notes, bills, and bonds held by investors and governments globally. The non-marketable securities are mainly the "government account series" owed to certain government trust funds such as the Social Security Trust Fund, which represented $ 2.82 trillion (~$ 3.45 trillion in 2023) in 2017. The non-marketable securities represent amounts owed to program beneficiaries. For example, in
14454-473: The men and women who work with us to say when we are no longer there? That we were more driven to succeed than anyone around us? Or that we stopped to ask if a sick child had gotten better, and stayed a moment there to trade a word of friendship? Bush's first major appointment was that of James Baker as Secretary of State; Baker was Bush's closest friend and had served as Reagan's White House Chief of Staff . Bush's first pick for Defense Secretary, John Tower ,
14600-544: The most conservative justices of his era, who would go on to contribute to landmark Supreme Court decisions, such as Dobbs v. Jackson Women's Health Organization (2022). Bush sent candidates selected by the Justice Department to the Senate, including 42 judges to the United States courts of appeals , and 148 judges to the United States district courts . Among these appointments were future Supreme Court Justice Samuel Alito , as well as Vaughn R. Walker , who
14746-420: The national debt and other federal obligations would bring total obligations to nearly $ 62 trillion. However, these unfunded obligations are not counted in the national debt, as shown in monthly Treasury reports of the national debt. GDP is a measure of the total size and output of the economy. One measure of the debt burden is its size relative to GDP, called the " debt-to-GDP ratio ". Mathematically, this
14892-504: The national debt. Funding for the Iraq and Afghanistan wars was accounted for this way prior to the Obama administration. Certain stimulus measures and earmarks were also outside the budget process. The federal government publishes the total debt owed (public and intragovernmental holdings) daily. Because a large variety of people own the notes, bills, and bonds in the "public" portion of
15038-449: The necessary authorization to launch a military operation against Iraq, but he wanted to show that the nation was united behind a military action. Speaking before a joint session of the Congress regarding the authorization of air and land attacks, Bush laid out four immediate objectives: "Iraq must withdraw from Kuwait completely, immediately, and without condition. Kuwait's legitimate government must be restored. The security and stability of
15184-428: The nobility of work and sacrifice? My friends, we are not the sum of our possessions. They are not the measure of our lives. In our hearts we know what matters. We cannot hope only to leave our children a bigger car, a bigger bank account. We must hope to give them a sense of what it means to be a loyal friend, a loving parent, a citizen who leaves his home, his neighborhood and town better than he found it. What do we want
15330-471: The overall level of federal funding for education. Because of the lack of support from both liberals and conservatives, Congress did not act on his education proposals. Bush later introduced the voluntary "America 2000" program, which sought to rally business leaders and local governments around education reform. Though Bush did not pass a major educational reform package during his presidency, his ideas influenced later reform efforts, including Goals 2000 and
15476-565: The passage of the fiscal year 1991 budget. In January 1990, Bush submitted his budget for fiscal year 1991; the budget included cuts to defense spending and the capital gains tax. In March, Congressman Dan Rostenkowski put forward the Democratic counter-proposal, which included an increase in the gasoline tax . In a statement released in late June 1990, Bush said that he would be open to a deficit reduction program which included spending cuts, incentives for economic growth, budget process reform, as well as tax increases. To fiscal conservatives in
15622-600: The personal rapport between Bush and Deng, human rights issues presented a serious challenge to Bush's China policy. In mid-1989, students and other individuals protested in favor of democracy and intellectual freedom across two hundred cities in the PRC. In June 1989, the People's Liberation Army violently suppressed a demonstration in Beijing in what became known as the Tiananmen Square Massacre . Bush
15768-491: The plan, stating that it is already the status quo for coinage currency, and a Norges Bank economist has examined the proposal in the context of considering the finance industry as part of the real economy . A Centre for Economic Policy Research paper agrees with the conclusion that "no real liability is created by new fiat money creation and therefore public debt does not rise as a result." The CBO reported several types of risk factors related to rising debt levels in
15914-564: The president had major difficulties in balancing the budget. Bush and congressional leaders agreed to avoid major changes to the budget for fiscal year 1990, which began in October 1989. However, both sides knew that spending cuts or new taxes would be necessary in the following year's budget in order to avoid the draconian automatic domestic spending cuts required by the Gramm–Rudman–Hollings Balanced Budget Act . The administration engaged in lengthy negotiations for
16060-525: The president the power to submit an international trade agreement to Congress without the possibility of amendment. Despite congressional opposition led by House Majority Leader Dick Gephardt , both houses of Congress voted to grant Bush fast track authority. NAFTA was signed in December 1992, after Bush lost re-election, but President Clinton won ratification of NAFTA in 1993. NAFTA remains controversial for its impact on wages, jobs, and overall economic growth. President Donald Trump denounced NAFTA but signed
16206-451: The presidential nomination in the 1980 Republican primaries . He was defeated by Ronald Reagan , a conservative former governor from California. Seeking to balance the ticket with an ideological moderate, Reagan selected Bush as his running mate. Reagan triumphed over incumbent Democratic President Jimmy Carter in the 1980 presidential election , and Bush took office as vice president in 1981. Bush enjoyed warm relations with Reagan, and
16352-456: The previous 12 months was approximately $ 18.15 trillion, for a total debt to GDP ratio of approximately 106%. Conceptually, an annual deficit (or surplus) should represent the change in the national debt, with a deficit adding to the national debt and a surplus reducing it. However, there is complexity in the budgetary computations that can make the deficit figure commonly reported in the media (the "total deficit") considerably different from
16498-415: The previous June. By November 2024, the debt had grown to $ 36 trillion. The United States federal government has continuously had a fluctuating public debt since its formation in 1789, except for about a year during 1835–1836, a period in which the nation, during the presidency of Andrew Jackson , completely paid the national debt. To allow comparisons over the years, public debt is often expressed as
16644-455: The principles of the 35-nation Conference on Security and Cooperation in Europe (CSCE). By June, with the help of Max Kampelman , this major historic achievement the security architecture of Europe was anchored. While Britain and France were wary of a re-unified Germany, Bush pushed for German reunification alongside West German Chancellor Helmut Kohl . Gorbachev also resisted the idea of
16790-429: The public debt total as they were not drawn against. In late 2008, the federal government had guaranteed large amounts of obligations of mutual funds, banks, and corporations under several programs designed to deal with the problems arising from the 2007–2008 financial crisis . The guarantee program lapsed at the end of 2012, when Congress declined to extend the scheme. The funding of direct investments made in response to
16936-493: The public is projected to rise from 99 percent of GDP in 2024 to 116 percent in 2034, and would continue to grow if current laws generally remained unchanged. Over that period, the growth of interest costs and mandatory spending outpaces the growth of revenues and the economy, driving up debt. Those factors persist beyond 2034, pushing federal debt higher still, to 172 percent of GDP in 2054. In recent decades, aging demographics and rising healthcare costs have led to concern about
17082-500: The public was $ 20.57 trillion, and intragovernmental holdings were $ 5.94 trillion, for a total of $ 26.51 trillion. Debt held by the public was approximately 77% of GDP in 2017, ranked 43rd highest out of 207 countries. The CBO forecast in April 2018 that the ratio will rise to nearly 100% by 2028, perhaps higher if current policies are extended beyond their scheduled expiration date. The national debt can also be classified into marketable or non-marketable securities. Most of
17228-440: The public" gives 96% of GDP. The ratio is higher if the total national debt is used, by adding the "intragovernmental debt" to the "debt held by the public." For example, on April 29, 2016, debt held by the public was approximately $ 13.84 trillion (~$ 17.2 trillion in 2023) or about 76% of GDP. Intra-governmental holdings stood at $ 5.35 trillion, giving a combined total public debt of $ 19.19 trillion. U.S. GDP for
17374-657: The quality of the American educational system. Bush proposed the Educational Excellence Act of 1989, a plan to reward high-performing schools with federal grants and provide support for the establishment of magnet schools . Bush's education platform consisted mainly of offering federal support for a variety of innovations, such as open enrollment, incentive pay for outstanding teachers, and rewards for schools that improve performance with underprivileged children. Conservatives, who generally sought to shrink
17520-462: The ratio to 76.2% as of April 2016 [See Appendix#National debt for selected years]. Also, this number excludes state and local debt. According to the OECD, general government gross debt (federal, state, and local) in the United States in the fourth quarter of 2015 was $ 22.5 trillion (125% of GDP); subtracting out $ 5.25 trillion for intragovernmental federal debt to count only federal "debt held by
17666-683: The real estate market declined in the late 1980s, hundreds of savings and loans associations collapsed. In February 1989, Bush proposed a $ 50 billion package to rescue the saving and loans industry, the creation of the Office of Thrift Supervision to regulate the industry, and establishment the Resolution Trust Corporation to liquidate the assets of insolvent companies. Congress passed the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 , which incorporated most of Bush's proposals. In
17812-469: The role of the federal government in education, opposed the bill. Liberals opposed the proposed vouchers for private schools, were wary of the student testing designed to ensure higher educational standards, and favored higher levels of federal spending on educational programs for minorities and the economically disadvantaged. Bush believed that educational costs should primarily be borne by state and local governments, and he did not favor dramatically raising
17958-550: The rule of law supplants the rule of the jungle. A world in which nations recognize the shared responsibility for freedom and justice. A world where the strong respect the rights of the weak." Despite the opposition of a majority of Democrats in both the House and the Senate, Congress approved the Authorization for Use of Military Force Against Iraq Resolution of 1991 . After the January 15 deadline passed without an Iraqi withdrawal from Kuwait, U.S. and coalition forces began
18104-447: The same term [REDACTED] This disambiguation page lists articles associated with the title Presidency of George Bush . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Presidency_of_George_Bush&oldid=1211401678 " Category : Disambiguation pages Hidden categories: Short description
18250-482: The significant costs and risks associated with a rapidly rising federal debt, our nation should soon put in place a credible plan for reducing deficits to sustainable levels over time." Interest expense on the public debt was approximately $ 678 billion in FY2023. During FY2023, the government also accrued a non-cash interest expense of $ 197 billion for intra-governmental debt, primarily the Social Security Trust Fund, for
18396-486: The soul of America. They are ordinary people who reach beyond themselves to touch the lives of those in need, bringing hope and opportunity, care and friendship. By giving so generously of themselves, these remarkable individuals show us not only what is best in our heritage but what all of us are called to become." United States public debt Bowles–Simpson Commission 2007–2008 financial crisis 2013 budget sequestration Related events The national debt of
18542-697: The standards set by the Federal Accounting Standards Advisory Board . The on- or off- balance sheet obligations of those two independent GSEs was just over $ 5 trillion at the time the conservatorship was put in place, consisting mainly of mortgage payment guarantees and agency bonds . The confusing independent but government-controlled status of the GSEs resulted in investors of the legacy common shares and preferred shares launching various activist campaigns in 2014. U.S. federal government guarantees were not included in
18688-639: The temporary nature of the conservator intervention. As the intervention has dragged out, pundits began to question this accounting treatment, noting that changes in August 2012 "makes them even more permanent wards of the state and turns the government's preferred stock into a permanent, perpetual kind of security". The federal government controls the Public Company Accounting Oversight Board , which would normally criticize inconsistent accounting practices, but it does not oversee its own government's accounting practices or
18834-664: The threat of Communism, but rather on the grounds that it was in the best interests of the United States. Reagan and Soviet General Secretary Mikhail Gorbachev had eased Cold War tensions during Reagan's second term, but Bush was initially skeptical of Soviet intentions. During the first year of his tenure, Bush pursued what Soviets referred to as the pauza , a break in Reagan's détente policies. While Bush implemented his pauza policy in 1989, Soviet satellites in Eastern Europe challenged Soviet domination. In 1989, Communist governments fell in Poland , Hungary , Czechoslovakia , while
18980-558: The time of implementation. Though he had previously promised to support the bill, House Minority Whip Newt Gingrich led the conservative opposition to the bill. Liberals also criticized the budget cuts in the compromise, and in October, the House rejected the deal, resulting in a brief government shutdown. Without the strong backing of the Republican Party, Bush was forced to agree to another compromise bill, this one more favorable to Democrats. The Omnibus Budget Reconciliation Act of 1990 (OBRA-90), enacted on October 27, 1990, dropped much of
19126-455: The total debt of $ 21.8 trillion. In December 2020, foreigners held 33% ($ 7 trillion out of $ 21.6 trillion) of publicly held US debt; of this $ 7 trillion, $ 4.1 trillion (59.2%) belonged to foreign governments and $ 2.8 trillion (40.8%) to foreign investors. Including both private and public debt holders, the top three December 2020 national holders of American public debt are Japan ($ 1.2 trillion or 17.7%), China ($ 1.1 trillion or 15.2%), and
19272-529: The uprisings. After 1991, the UN maintained economic sanctions against Iraq, and the United Nations Special Commission was assigned to ensure that Iraq did not revive its weapons of mass destruction program . One of Bush's priorities was strengthening relations between the U.S. and the People's Republic of China (PRC), and Bush had developed a warm relationship with Chinese leader Deng Xiaoping prior to taking office. Despite
19418-509: The veto, but re-introduced the bill in 1991. In November 1991, Bush signed the Civil Rights Act of 1991 , which was largely similar to the bill he had vetoed in the previous year. In June 1989, the Bush administration proposed a bill to amend the Clean Air Act . Working with Senate Majority Leader George J. Mitchell , the administration won passage of the amendments over the opposition of business-aligned members of Congress who feared
19564-573: The vice president served as an important adviser and made numerous public appearances on behalf of the Reagan administration. Bush entered the 1988 Republican presidential primaries in October 1987. He promised to provide "steady, experienced leadership", and Reagan privately supported his candidacy. Bush's major rivals for the Republican nomination were Senate Minority Leader Bob Dole of Kansas , Congressman Jack Kemp of New York, and Christian televangelist Pat Robertson . Though considered
19710-547: The wake of the savings and loan crisis, the Senate Ethics Committee investigated five senators, collectively referred to as the " Keating Five ", for allegedly providing improper aid to Charles Keating , the chairman of the Lincoln Savings and Loan Association . President Bush devoted attention to voluntary service as a means of solving some of America's most serious social problems. He often used
19856-591: The wife of Bob Dole and a former Secretary of Transportation, became the Secretary of Labor under Bush. Bush retained several Reagan officials, including Secretary of the Treasury Nicholas F. Brady , Attorney General Dick Thornburgh , and Secretary of Education Lauro Cavazos . Like most of his predecessors since Richard Nixon , Bush concentrated executive power in the Executive Office of
20002-527: Was borrowed and spent (as is typically the case), increasing the "intra-governmental debt" by $ 183 billion. So the total increase in the "national debt" in FY2008 was $ 768B +$ 183B = $ 951 billion. The Treasury Department reported an increase in the national debt of $ 1,017B for FY2008. The $ 66 billion difference is likely from "supplemental appropriations" for the War on Terror , some of which were outside
20148-550: Was eager to maintain good relations with the PRC, which had drawn increasingly closer to the United States since the 1970s, but he was outraged by the PRC's handling of the protests. In response to the Tiananmen Square Massacre, the United States imposed economic sanctions and cut military ties. However, Bush also decided that Tiananmen should not interrupt Sino-U.S. relations. Thus he secretly sent special envoy Brent Scowcroft to Beijing to meet with Deng, and,
20294-570: Was killed by Noriega forces in December 1989, Bush ordered 24,000 troops into the country with an objective of removing Noriega from power. The United States invasion of Panama , known as "Operation Just Cause", was the first large-scale American military operation in more than 40 years that was not related to the Cold War. American forces quickly took control of the Panama Canal Zone and Panama City . Noriega surrendered on January 3, and
20440-506: Was later revealed to be the earliest known gay federal judge. Bush also experienced a number of judicial appointment controversies , as 11 nominees for 10 federal appellate judgeships were not processed by the Democratically controlled Senate Judiciary Committee . Nonetheless, by the end of Bush's tenure, Republican appointees made up a majority of the membership of each of the thirteen federal appeals courts. The main themes of
20586-586: Was often mocked for his verbal gaffes, and opinion polls taken in mid-1992 showed him to be the least popular vice president since Spiro Agnew . Some Republicans urged Bush to dump Quayle from the ticket in 1992, but Bush decided that picking a new running mate would be a mistake. Bush appointed two justices to the Supreme Court of the United States . In 1990, Bush appointed a largely unknown state appellate judge, David Souter , to replace liberal icon William Brennan . Souter had come under consideration for
20732-407: Was popular among many conservatives, and the campaign hoped that Quayle's youth would appeal to younger voters. While Bush won a swift victory in the Republican primaries, many in the press referred to the Democratic presidential candidates as the "Seven Dwarfs" due to a lack of notable party leaders in the field. Senator Ted Kennedy and Governor Mario Cuomo both declined to enter the race, while
20878-468: Was quickly transported for trial in the United States. Twenty-three Americans died in the operation, while another 394 were wounded. Noriega was convicted and imprisoned on racketeering and drug trafficking charges in April 1992. Historian Stewart Brewer argues that the invasion "represented a new era in American foreign policy" because Bush did not justify the invasion under the Monroe Doctrine or
21024-460: Was rejected by the Senate, becoming the first cabinet nominee of an incoming president to be rejected. Leadership of the Department of Defense instead went to Dick Cheney , who had previously served as Gerald Ford 's Chief of Staff and would later serve as vice president under George W. Bush . Kemp joined the administration as Secretary of Housing and Urban Development, while Elizabeth Dole ,
21170-460: Was still more of a "white collar" recession by comparison than the early 1980s double-dip recession had been. Explanations for the economic slowdown varied; some Bush supporters blamed Federal Reserve Chairman Alan Greenspan for failing to lower interest rates. The large federal deficits , spawned during the Reagan years , rose from $ 152.1 billion in 1989 to $ 220 billion for 1990;
21316-587: Was strongly opposed by Gorbachev, who feared that the Soviet Union could fall apart if he allowed Lithuania's independence. The United States had never recognized the Soviet incorporation of the Baltic states, and the crisis in Lithuania left Bush in a difficult position. Bush needed Gorbachev's cooperation in the reunification of Germany, and he feared that the collapse of the Soviet Union could leave nuclear arms in dangerous hands. Bush warned independence movements of
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