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. The nation experienced an extended period of economic prosperity during the Clinton presidency. Months into his first term, he signed the Omnibus Budget Reconciliation Act of 1993, which raised taxes and set the stage for future budget surpluses. Clinton vetoed many of these policies, but signed the Personal Responsibility and Work Opportunity Act into law. See also: Presidency of George H. W. Bush. In 1997, Clinton agreed to a deal with Republicans that lowered the tax rate on capital gains to 18 percent, implemented a $500 child tax credit, increased funding for children's health care, and raised the federal cigarette tax from 24 cents per pack to 39 cents per pack.
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