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. Reagan signed the Tax Reform Act of 1986 (which simplified the tax code by reducing rates and removing several tax breaks) and the Immigration Reform and Control Act of 1986 (which enacted sweeping changes to U.S. immigration law and granted amnesty to three million illegal immigrants). 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.
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