Carter announced his candidacy for President in December 1974 and began a two-year campaign that gradually gained momentum. At the Democratic Convention, he was nominated on the first ballot. He chose Senator Walter F. Mondale of Minnesota as his running mate. Carter campaigned hard against President Gerald R. Ford, debating with him three times. Carter won by 297 electoral votes to 241 for Ford. Carter worked hard to combat the continuing economic woes of inflation and unemployment. By the end of his administration, he could claim an increase of nearly eight million jobs and a decrease in the budget deficit, measured in percentage of the gross national product. Unfortunately, inflation and interest rates were at near record highs, and efforts to reduce them caused a short recession.
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