The presidency of Ronald Reagan began at noon EST on January 20, 1981, when Ronald Reagan was inaugurated as the 40th President of the United States, and ended on January 20, 1989. The combination of tax cuts and an increase in defense spending led to budget deficits, and the federal debt increased significantly during Reagan's tenure. Greenspan raised interest rates in another attempt to curb inflation, setting off a stock market crash in October 1987 known as 'Black Monday,' but the markets stabilized and recovered in the following weeks. Not long after being sworn into office, Reagan declared more militant policies in the 'War on Drugs'.
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