The presidency of Bill Clinton began at noon EST on January 20, 1993, when Bill Clinton was inaugurated as the 42nd President of the United States, and ended on January 20, 2001. Clinton, a Democrat from Arkansas, took office. In doing so, he reluctantly abandoned a middle class tax cut that he had championed during the campaign. As Clinton refused to sign the Republican bill, major portions of the government suspended operations until Congress enacted a stopgap measure. The government shut down again on December 16 after Clinton vetoed a Republican budget proposal that would have extended tax cuts to the wealthy, cut spending on social programs, and shifted control of Medicaid to the states. After a 21-day government shutdown, Republicans, in danger of being seen as extremists by many in the public, accepted Clinton's budget. Clinton presided over a period of deregulation in the telecommunications and financial industries. In 1999, Clinton signed into law the Gramm–Leach–Bliley Act (GLBA).