Título: George H. W. Bush
Seção: Economy
Background: George Herbert Walker Bush (born June 12, 1924) is an American politician who served as the 41st President of the United States from 1989 to 1993. Prior to assuming the presidency, Bush served as the 43rd Vice President of the United States from 1981 to 1989. A member of the Republican Party, he had previously been a Congressman, Ambassador and Director of Central Intelligence. While active in the public sector, he was known simply as George Bush; since 2001, he has often been referred to as George H. W. Bush, Bush the Elder or George Bush Senior in order to distinguish him from his eldest son, George W. Bush, the 43rd president of the United States.

Conteúdo: Early in his term, Bush faced the problem of what to do with leftover deficits spawned during the Reagan years. At $220 billion in 1990, the deficit had tripled since 1980. Bush was dedicated to curbing the deficit, believing that America could not continue to be a leader in the world without doing so. He began an effort to persuade the Democratic controlled Congress to act on the budget; with Republicans believing that the best way was to cut government spending, and Democrats convinced that the only way would be to raise taxes, Bush faced problems when it came to consensus building.  In the wake of a struggle with Congress, Bush was forced by the Democratic majority to raise tax revenues; as a result, many Republicans felt betrayed because Bush had promised "no new taxes" in his 1988 campaign. Perceiving a means of revenge, Republican congressmen defeated Bush's proposal which would enact spending cuts and tax increases that would reduce the deficit by $500 billion over five years. Scrambling, Bush accepted the Democrats' demands for higher taxes and more spending, which alienated him from Republicans and gave way to a sharp decrease in popularity. Bush would later say that he wished he had never signed the bill. Near the end of the 101st Congress, the president and congressional members reached a compromise on a budget package that increased the marginal tax rate and phased out exemptions for high-income taxpayers. Although he originally demanded a reduction in the capital

user: WHat happened to the economy when George Bush was president?

assistant: Early in his term, Bush faced the problem of what to do with leftover deficits spawned during the Reagan years.

user: Was the economy in recession?

assistant: At $220 billion in 1990, the deficit had tripled since 1980.

user: What actions did Bush take to improve the economy?

assistant: Bush was dedicated to curbing the deficit, believing that America could not continue to be a leader in the world without doing so.

user: DId his plans work to help the economy?

assistant: Bush faced problems when it came to consensus building.

user: Tell me some of the things he tried to curb the deficit?

assistant: Bush was forced by the Democratic majority to raise tax revenues;

user: Are there any other interesting aspects about this article?

assistant: as a result, many Republicans felt betrayed because Bush had promised "no new taxes" in his 1988 campaign.

user: WHich new taxes did Bush introduce?

assistant: CANNOTANSWER

user: Tell me something noteworthy about the economy during this time?

assistant: increased the marginal tax rate and phased out exemptions for high-income taxpayers.