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1988 - 1992 Bush Sr.

1988 - 1992 Bush Sr. - George Bush Sr wins 1988 election...

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George Bush, Sr. wins 1988 election Enabled by economic boom & promise of end to the Cold War “Read my lips – no new taxes” Domestic Agenda Continued Reagan’s theme of limiting federal interference in the everyday lives of American citizens Americans w/ Disabilities Act (1991) prohibited discrimination against the disabled in hiring, transportation, & public accommodations Economy - two pressing problems: 1.) Savings & loan industry in trouble because of lax regulation and unwise loan policies Forced closures Aug 1989 Congress passes bill to close/merge over 700 ailing S&L at $157 billion over 10 yrs. Created Resolution Trust Corporation (exp. 1992) 2.) Continuing budget deficit (over $150 billion/year) Breaks “no new taxes” in 1990 with support for budget Including new taxes on wealthy & substantial spending cuts Approx. $500 billion savings over 5 years The Cold War ENDS as communism gives way to freedom First attempt in May 1989 – Chinese students begin month-long demonstration in Tiananmen Square, Beijing
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