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. Combined with a strong economy, the 1993 deficit reduction plan produced smaller budget deficits each year. With the improving state of the federal budget, Clinton and congressional Republicans reached a budget agreement in 1997 that provided for relatively small changes to the budget. Gore's strong performance in the debate, as well as the Clinton administration's effective lobbying campaign, helped NAFTA win ratification in November 1993. In January 1995, Clinton's economic advisers informed him that the Mexican government would default on its loans unless the U.S. offered a $25 billion loan package. The Clinton administration also helped limit the effects of the 1997 Asian financial crisis by keeping U.S. markets open.
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