The law faced several legal challenges, primarily based on the argument that an individual mandate requiring Americans to buy health insurance was unconstitutional. On June 28, 2012, the Supreme Court ruled by a 5–4 vote in National Federation of Independent Business v. Sebelius that the mandate was constitutional under the U.S. Congress's taxing authority. In Burwell v. Hobby Lobby the Court ruled that "closely-held" for-profit corporations could be exempt on religious grounds under the Religious Freedom Restoration Act from regulations adopted under the ACA that would have required them to pay for insurance that covered certain contraceptives. In June 2015, the Court ruled 6–3 in King v. Burwell that subsidies to help individuals and families purchase health insurance were authorized for those doing so on both the federal exchange and state exchanges, not only those purchasing plans "established by the State," as the statute reads.
John McCain was nominated as the Republican candidate, and he selected Sarah Palin as his running mate. The two candidates engaged in three presidential debates in September and October 2008. On November 4, Obama won the presidency with 365 electoral votes to 173 received by McCain. Obama won 52.9% of the popular vote to McCain's 45.7%. He became the first African American to be elected president. Obama delivered his victory speech before hundreds of thousands of supporters in Chicago's Grant Park.
More InfoObama was elected to the Illinois Senate in 1996, succeeding Democratic State Senator Alice Palmer from Illinois's 13th District, which, at that time, spanned Chicago South Side neighborhoods from Hyde Park–Kenwood south to South Shore and west to Chicago Lawn. Once elected, Obama gained bipartisan support for legislation that reformed ethics and health care laws. He sponsored a law that increased tax credits for low-income workers, negotiated welfare reform, and promoted increased subsidies for childcare. In 2001, as co-chairman of the bipartisan Joint Committee on Administrative Rules, Obama supported Republican Governor Ryan's payday loan regulations and predatory mortgage lending regulations aimed at averting home foreclosures.
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 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 InfoThe 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.
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