After graduating from Yale University in 1968 and Harvard Business School in 1975, he worked in the oil industry. Bush married Laura Welch in 1977 and unsuccessfully ran for the U.S. House of Representatives shortly thereafter. He later co-owned the Texas Rangers baseball team before defeating Ann Richards in the 1994 Texas gubernatorial election. He became the fourth person to be elected president without a popular vote victory. The surplus in fiscal year 2000 was $237 billion—the third consecutive surplus and the largest surplus ever. In 2001, Bush's budget estimated that there would be a $5.6 trillion surplus over the next ten years. By 2003, the economy showed signs of improvement, though job growth remained stagnant. Another tax cut was passed that year.