Question

Which statement best describes economic conditions when President George H. W. Bush took office? The United States had a booming economy. The United States had a growing national debt. The United States had a balanced budget. The United States had entered a depression.

Answer 1

Economic conditions are the United States had a balanced budget when president George H.W.Bush took office.

In domestic affairs, Bush faced an outsized federal deficit that had grown threefold since 1980. Despite insisting he was pledged to not raise taxes.

Bush agreed to a budget with the Democratic-controlled Congress that raised taxes and cut spending.

What did George W Bush do for the economy?

Bush administration was characterized by significant tax cuts in 2001 and 2003, the implementation of Medicare Part D in 2003, increased military spending for 2 wars, a housing bubble that contributed to the subprime mortgage crisis of 2007–2008.

Thus, the U.S. had a balanced budget that describes the economic conditions when president Bush took office.

Learn more about the balanced budget here:

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