What did the Bush administration do in 2001?
In March of 2001, shortly after Bush took office, the Bush administration announced that it would not implement the Kyoto Protocol, an international treaty signed in 1997 in Kyoto, Japan that would require nations to reduce their greenhouse gas emissions.
What did George W Bush do to help Iran?
President Bush spoke directly to the Iranian people on the Iranian new year, expressing respect for Iranian history, culture and traditions, and explicitly expressing American support for their struggles. In 2002, the United States began to increase the flow of news and information into Iran.
What did George W Bush do during his two terms in office?
George W. Bush's two terms in office were characterized by a socially conservative agenda, the U.S. response to the 9/11 attack, and the Iraq War. Learning Objectives Summarize President George W. Bush's initiatives while in office Key Takeaways Key Points
What was the Bush administration’s strategy in the Iran nuclear crisis?
On Iran’s nuclear program, Bush administration strategy was to rally the international community to confront the Iranian regime with a strategic choice. Tehran could transparently and verifiably give up its pursuit of a nuclear weapons capability, especially its enrichment facility at Natanz.
List of executive actions by George W. Bush - Wikipedia
George W. Bush’s Policies - iSideWith
What was the Bush administration trying to do with Fannie Mae?
In 2003, the Bush Administration attempted to create an agency to oversee Fannie Mae and Freddie Mac. The bill never made progress in Congress, facing sharp opposition by Democrats. In 2005, the Republican controlled House of Representatives passed a GSE reform bill (Federal Housing Finance Reform Act) which "would have created a stronger regulator with new powers to increase capital at Fannie and Freddie, to limit their portfolios and to deal with the possibility of receivership". However, the Bush administration opposed the bill and it died in the Senate. Of the bill and its reception by the Bush White House, Ohio Republican Mike Oxley (the bill's author) said: "The critics have forgotten that the House passed a GSE reform bill in 2005 that could well have prevented the current crisis. All the handwringing and bedwetting is going on without remembering how the House stepped up on this. What did we get from the White House? We got a one-finger salute." The Bush economic policy regarding Fannie Mae and Freddie Mac changed during the economic downturn of 2008, culminating in the federal takeover of the two largest lenders in the mortgage market. Further economic challenges have resulted in the Bush administration attempting an economic intervention, through a requested $700 billion bailout package for Wall Street investment houses.
What was the Sarbanes Oxley Act?
President Bush signed the Sarbanes-Oxley Act into law during July 2002, which he called "the most far-reaching reforms of American business practices since the time of Franklin Delano Roosevelt." The law was passed in the wake of several corporate scandals and widespread stock market losses. The law addressed conflicts of interest between accounting firms and the corporations they audit and required executives to certify the accuracy of the corporation's financial statements. The law has been controversial, with some advocating its positive effect on investor confidence and detractors citing its significant cost.
What was the tax cut in 2001?
Between 2001 and 2003, the Bush administration instituted a federal tax cut for all taxpayers. Among other changes, the lowest income tax rate decreased from 15% to 10%, the 27% rate went to 25%, the 30% rate went to 28%, the 35% rate went to 33%, and the top marginal tax rate went from 39.6% to 35%. In addition, the child tax credit went from $500 to $1000, and the " marriage penalty " reduced. Since the cuts got implemented as part of the annual congressional budget resolution, which protected the bill from filibusters, numerous amendments, and more than 20 hours of debate, it had to include a sunset clause. Unless congress passed legislation making the tax cuts permanent, they were to expire after the 2010 tax year.
When did the JGTRRA end?
The United States Congress passed the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) on May 23, 2003 and President George W. Bush signed it into law five days later. Nearly all of the cuts (individual rates, capital gains, dividends, estate tax) were to expire after 2010.
Who said the middle class will not benefit from the tax cut?
House Minority Leader Richard Gephardt said the middle class will not benefit enough from the tax cut and the wealthy will reap unfairly high benefits. Senate Majority Leader Tom Daschle argued that the tax cut is too large, too generous to the rich and too expensive.
Did the Bush tax cuts pay for themselves?
The non-partisan Congressional Budget Office has consistently reported that the Bush tax cuts (EGTRRA and JGTRRA) did not pay for themselves and represented a sizable decline in revenue for the Treasury:
What was the Bush administration's strategy for Iran's nuclear program?
On Iran’s nuclear program, Bush administration strategy was to rally the international community to confront the Iranian regime with a strategic choice. Tehran could transparently and verifiably give up its pursuit of a nuclear weapons capability, especially its enrichment facility at Natanz. If it did, the international community would respond with substantial diplomatic, economic and security benefits. These would include the relaxation of existing economic sanctions and active international support for a truly peaceful civilian nuclear program, including the supply of nuclear fuel so Iran would not need an enrichment facility. If it rejected this choice, the regime would only be further isolated diplomatically, incur increased economic sanctions, and run the risk of military action.
What was the Bush administration's response to the Iranian regime?
But the lack of a sustained positive response from President Mohammad Khatami was taken by the Bush administration as evidence that he was either unable or unwilling to deliver.
What did the IAEA do after the Iran nuclear program?
After revelations about Iran’s secret nuclear sites, the International Atomic Energy Agency (IAEA) pressed Tehran in 2002 and 2003 for greater access, particularly to the Natanz uranium enrichment facility. It sought answers to outstanding questions about the regime’s nuclear program and called on the regime to suspend all further enrichment activity. About the same time, Britain, France and Germany—the EU-3—sought to engage Iran in a political dialogue.
What did Iran do in 2003?
In October 2003, the EU-3 foreign ministers and Iranian officials in Tehran issued a statement in which Iran agreed to cooperate fully with the IAEA and voluntarily suspend all uranium enrichment activities. It separately agreed to provisional implementation of the IAEA Additional Protocol, which gave the IAEA enhanced access to Iran’s nuclear-related facilities. The statement was codified in the Paris Agreement signed on November 14, 2004, after a year of attempted Iranian backpedaling. In support of EU-3 diplomacy, the United States announced in March 2005 that it would drop its objection to Iranian membership in the World Trade Organization and consider licensing spare parts for aging Iranian civilian aircraft.
What did Iran do to help Israel?
Iran continued throughout this period to support other terrorist groups such as Hezbollah, Palestinian Islamic Jihad and Hamas. Tehran provided them with increasingly advanced weaponry, all for use against Israel. Iran’s support contributed to both the 2006 war between Israel and Hezbollah in Lebanon (sparked by the kidnapping of Israeli soldiers) and the 2008 Israeli incursion into Gaza (in response to rocket attacks launched from Gaza into Israel). The Bush administration staunchly defended Israel’s right to defend itself against these terrorist threats, while at the same time using its diplomacy to extricate Israel from each of these conflicts.
When did Iran restart nuclear activities?
After he took office in 2005, President Mahmoud Ahmadinejad promptly accused Iranian diplomats who had negotiated the Paris Agreement of treason, and began to restart Iran’s nuclear activities. In April 2006, Tehran announced that uranium enrichment had resumed at Natanz.
What war did Iran support?
Iran’s support contributed to both the 2006 war between Israel and Hezbollah in Lebanon (sparked by the kidnapping of Israeli soldiers) and the 2008 Israeli incursion into Gaza (in response to rocket attacks launched from Gaza into Israel).
Summary
The economic policy of the George W. Bush administration was characterized by significant income tax cuts in 2001 and 2003, the implementation of Medicare Part D in 2003, increased military spending for two wars, a housing bubble that contributed to the subprime mortgage crisis of 2007–2008, and the Great Recession that followed. Economic performance during the period was adversely affected by two recessions, in 2001 and 2007–2009.
Overview
President Bush was in office from January 2001 to January 2009, a complex and challenging economic and budgetary time. In addition to two recessions (2001 and the Great Recession of 2007–2009), the U.S. faced a housing bubble and bust, two wars, and the rise of Asian competitors, mainly China, which entered the World Trade Organization (WTO) in December 2001.
Tax policy
Between 2001 and 2003, the Bush administration instituted a federal tax cut for all taxpayers. Among other changes, the lowest income tax rate decreased from 15% to 10%, the 27% rate went to 25%, the 30% rate went to 28%, the 35% rate went to 33%, and the top marginal tax rate went from 39.6% to 35%. In addition, the child tax credit went from $500 to $1000, and the "marriage penalty" reduced. Since the cuts got implemented as part of the annual congressional budget re…
Defense spending
Defense spending increased from $306 billion in 2001 (2.9% GDP) to $612 billion in 2008 (4.2% GDP). The invasion of Afghanistan following the 9/11 attacks in 2001, along with the 2003 invasion of Iraq, added significantly to defense spending. The Congressional Research Service estimated that Congress approved $1.6 trillion during the FY2001-FY2014 periods for "military operation…
Budget deficit and national debt
The U.S. fiscal position changed dramatically for the worse during the Bush years. CBO projected in its January 2001 baseline that the U.S. would have a total of $5.6 trillion in annual surpluses over the 2002-2011 decade, assuming the laws in place during the Clinton era continued and the economy performed as expected. However, the actual deficits during those years ended up being $…
Trade policy
The Bush administration generally pursued free trade policies. China entered the World Trade Organization (WTO) in late 2001. Bush used the authority he gained from the Trade Act of 2002 to push through bilateral trade agreements with several countries. Bush also sought to expand multilateral trade agreements through the WTO, but negotiations were stalled in the Doha Development Round for …
Efforts to reform Social Security
President Bush advocated the partial privatization of Social Security in 2005-2006, but was unsuccessful in achieving any reforms to the program against strong congressional resistance. His proposal would have diverted some of the payroll tax revenues that fund the program into private accounts. Critics argued that privatizing Social Security does nothing to address the long-term funding challenge facing the program. Diverting funds to private accounts would reduce av…
Regulatory philosophy
President Bush advocated the Ownership society, premised on the concepts of individual accountability, smaller government, and the owning of property. Critics have argued this contributed to the subprime mortgage crisis, by encouraging home ownership for those unable to afford them and insufficient regulation of financial institutions. The number of economic regulation govern…