A Democrat from Texas, he ran for and won a full four-year term in the 1964 election, winning by a landslide over Republican opponent Arizona Senator Barry Goldwater. Johnson did not run for a second full term in the 1968 presidential election, he was succeeded by Republican Richard Nixon. His presidency marked the high tide of modern liberalism in the United States. Despite a period of strong economic growth, heavy spending on the Vietnam War and on domestic programs contributed to a rising budget deficit, as well as a period of inflation that would continue into the 1970s. Between fiscal years 1966 and 1967, the budget deficit more than doubled to $8.6 billion, and it continued to grow in fiscal year 1968. Johnson reacted, saying 'If I've lost Cronkite, I've lost middle America'.
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