Ronald Reagan

====Deficits====
The deficits were exacerbated by the early 1980s recession, which cut into federal revenue.{{sfn|Leuchtenburg|2015|pp=605–606}} The national debt tripled between the fiscal years of 1980 and 1989, and the national debt as a percentage of the gross domestic product rose from 33 percent in 1981 to 53 percent by 1989. During his time in office, Reagan never fulfilled his 1980 campaign promise of submitting a [[balanced budget]]. The United States borrowed heavily to cover newly spawned federal budget deficits.{{sfnm|1a1=Patterson|1y=2005|1pp=158–159|2a1=Woodard|2y=2012|2p=132}} Reagan described the tripled debt the "greatest disappointment of his presidency".{{sfn|Cannon|2001|p=128}} [[Jeffrey Frankel]] opined that the deficits were a major reason why Reagan's successor, Bush, reneged on [[Read my lips: no new taxes|his campaign promise]] by raising taxes through the [[Budget Enforcement Act of 1990]].<ref>{{cite web |url=https://www.theguardian.com/business/2018/dec/11/george-hw-bush-donald-trump-budget-deficit-taxes |title=George HW Bush was fiscally responsible – unlike Donald Trump |last=Frankel |first=Jeffrey |author-link=Jeffrey Frankel |date=December 11, 2018 |website=[[The Guardian]] |access-date=December 31, 2022 |archive-url=https://web.archive.org/web/20221231035650/https://www.theguardian.com/business/2018/dec/11/george-hw-bush-donald-trump-budget-deficit-taxes |archive-date=December 31, 2022}}</ref>