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The Act included the Budget Enforcement Act of 1990 which established the "pay-as-you-go" or "PAYGO" process for discretionary spending and taxes. The Act was signed into law by President George H. W. Bush on November 5, 1990, counter to his 1988 campaign promise not to raise taxes. This became an issue in the presidential election of 1992.
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.
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 Growth and Tax Relief Reconciliation Act of 2001 was a major piece of tax legislation passed by the 107th United States Congress and signed by President George W. Bush. It is also known by its abbreviation EGTRRA (often pronounced "egg-tra" or "egg-terra"), and is often referred to as one of the two "Bush tax cuts".
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 the 1988 presidential election.
Asked what his birthday wish was as he prepared to jump, George H.W. Bush said: "Make sure the parachute opens." ... Unfortunately, George Bush did not do that for the budget agreement of 1990 ...
[43] [44] While noting that George H. W. Bush's budget deal in 1990 was one of the reasons for improvement of the fiscal situation in 1990s, Bartlett was highly critical of George W. Bush for creating budget deficits by reducing tax rates and increasing spending in the early 2000s. [45] [46]
This article is part of a series about George H. W. Bush Personal Family Electoral history Eponyms Honors Bibliography Bush School of Government Points of Light Death and state funeral 43rd Vice President of the United States Transition Reagan administration first inauguration second inauguration Reagan assassination attempt Foreign policy Vice presidential campaigns 1980 election selection ...