With Republican President George W. Bush term limited, the Republicans nominated Senator John McCain of Arizona for the presidency. In the general election, Obama defeated McCain, taking 52.9% of the popular vote and 365 of the 538 electoral votes. The tax provisions of the law, including a $116 billion income tax cut, temporarily reduced taxes for 98 percent of taxpayers, bringing tax rates to their lowest levels in 60 years. US government debt grew from 52% of GDP when Obama took office in 2009 to 74% in 2014, with most of the growth in debt coming between 2009 and 2012.
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