On April 20, 2010, an explosion destroyed an offshore drilling rig at the Macondo Prospect in the Gulf of Mexico, causing a major sustained oil leak. Obama visited the Gulf, announced a federal investigation, and formed a bipartisan commission to recommend new safety standards, after a review by Secretary of the Interior Ken Salazar and concurrent Congressional hearings. He then announced a six-month moratorium on new deepwater drilling permits and leases, pending regulatory review. As multiple efforts by BP failed, some in the media and public expressed confusion and criticism over various aspects of the incident, and stated a desire for more involvement by Obama and the federal government.
The inauguration of Barack Obama as the 44th President took place on January 20, 2009. In his first few days in office, Obama issued executive orders and presidential memoranda directing the U.S. military to develop plans to withdraw troops from Iraq. He ordered the closing of the Guantanamo Bay detention camp, but Congress prevented the closure by refusing to appropriate the required funds and preventing moving any Guantanamo detainee into the U.S. or to other countries. Obama reduced the secrecy given to presidential records. He also revoked President George W. Bush's restoration of President Ronald Reagan's Mexico City policy prohibiting federal aid to international family planning organizations that perform or provide counseling about abortion.
More InfoWithin a month of the 2010 midterm elections, Obama announced a compromise deal with the Congressional Republican leadership that included a temporary, two-year extension of the 2001 and 2003 income tax rates, a one-year payroll tax reduction, continuation of unemployment benefits, and a new rate and exemption amount for estate taxes. The compromise overcame opposition from some in both parties, and the resulting $858 billion Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 passed with bipartisan majorities in both houses of Congress before Obama signed it on December 17, 2010.
More InfoOn April 20, 2010, an explosion destroyed an offshore drilling rig at the Macondo Prospect in the Gulf of Mexico, causing a major sustained oil leak. Obama visited the Gulf, announced a federal investigation, and formed a bipartisan commission to recommend new safety standards, after a review by Secretary of the Interior Ken Salazar and concurrent Congressional hearings. He then announced a six-month moratorium on new deepwater drilling permits and leases, pending regulatory review. As multiple efforts by BP failed, some in the media and public expressed confusion and criticism over various aspects of the incident, and stated a desire for more involvement by Obama and the federal government.
More InfoAs it did throughout 2008, the unemployment rate rose in 2009, reaching a peak in October at 10.0% and averaging 10.0% in the fourth quarter. Following a decrease to 9.7% in the first quarter of 2010, the unemployment rate fell to 9.6% in the second quarter, where it remained for the rest of the year. Between February and December 2010, employment rose by 0.8%, which was less than the average of 1.9% experienced during comparable periods in the past four employment recoveries. By November 2012, the unemployment rate fell to 7.7%, decreasing to 6.7% in the last month of 2013. During 2014, the unemployment rate continued to decline, falling to 6.3% in the first quarter. GDP growth returned in the third quarter of 2009, expanding at a rate of 1.6%, followed by a 5.0% increase in the fourth quarter. Growth continued in 2010, posting an increase of 3.7% in the first quarter, with lesser gains throughout the rest of the year. In July 2010, the Federal Reserve noted that economic activity continued to increase, but its pace had slowed, and chairman Ben Bernanke said the economic outlook was "unusually uncertain." Overall, the economy expanded at a rate of 2.9% in 2010.
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