Within 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.
The Bush and Obama administrations authorized spending and loan guarantees from the Federal Reserve and the Treasury Department. These guarantees totaled about $11.5 trillion, but only $3 trillion had been spent by the end of November 2009. Obama and the Congressional Budget Office predicted the 2010 budget deficit would be $1.5 trillion or 10.6% of the nation's gross domestic product (GDP) compared to the 2009 deficit of $1.4 trillion or 9.9% of GDP. For 2011, the administration predicted the deficit would shrink to $1.34 trillion, and the 10-year deficit would increase to $8.53 trillion or 90% of GDP. The most recent increase in the U.S. debt ceiling to $17.2 trillion took effect in February 2014. On August 2, 2011, after a lengthy congressional debate over whether to raise the nation's debt limit, Obama signed the bipartisan Budget Control Act of 2011. The legislation enforces limits on discretionary spending until 2021, establishes a procedure to increase the debt limit, creates a Congressional Joint Select Committee on Deficit Reduction to propose further deficit reduction with a stated goal of achieving at least $1.5 trillion in budgetary savings over 10 years, and establishes automatic procedures for reducing spending by as much as $1.2 trillion if legislation originating with the new joint select committee does not achieve such savings. By passing the legislation, Congress was able to prevent a U.S. government default on its obligations.
More InfoThe 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 InfoAs a candidate for the Illinois state senate in 1996, Obama had said he favored legalizing same-sex marriage. By the time of his Senate run in 2004, he said he supported civil unions and domestic partnerships for same-sex partners but opposed same-sex marriages. In 2008, he reaffirmed this position by stating "I believe marriage is between a man and a woman. I am not in favor of gay marriage." On May 9, 2012, shortly after the official launch of his campaign for re-election as president, Obama said his views had evolved, and he publicly affirmed his personal support for the legalization of same-sex marriage, becoming the first sitting U.S. president to do so.
More InfoIn 2013, the Obama Administration filed briefs that urged the Supreme Court to rule in favor of same-sex couples in the cases of Hollingsworth v. Perry (regarding same-sex marriage) and United States v. Windsor (regarding the Defense of Marriage Act). Then, following the Supreme Court's 2015 decision in Obergefell v. Hodges (ruling same-sex marriage to be a fundamental right), Obama asserted that, "This decision affirms what millions of Americans already believe in their hearts: When all Americans are treated as equal we are all more free."
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