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.
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 InfoJohn 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 intervened in the troubled automotive industry in March 2009, renewing loans for General Motors and Chrysler to continue operations while reorganizing. Over the following months the White House set terms for both firms' bankruptcies, including the sale of Chrysler to Italian automaker Fiat and a reorganization of GM giving the U.S. government a temporary 60% equity stake in the company, with the Canadian government taking a 12% stake. In June 2009, dissatisfied with the pace of economic stimulus, Obama called on his cabinet to accelerate the investment. He signed into law the Car Allowance Rebate System, known colloquially as "Cash for Clunkers," which temporarily boosted the economy.
More InfoObama cosponsored the Secure America and Orderly Immigration Act. He introduced two initiatives that bore his name: Lugar–Obama, which expanded the Nunn–Lugar Cooperative Threat Reduction concept to conventional weapons; and the Federal Funding Accountability and Transparency Act of 2006, which authorized the establishment of USAspending.gov, a web search engine on federal spending. On June 3, 2008, Senator Obama—along with Senators Tom Carper, Tom Coburn, and John McCain—introduced follow-up legislation: Strengthening Transparency and Accountability in Federal Spending Act of 2008.
More InfoHe joined Davis, Miner, Barnhill & Galland, a 13-attorney law firm specializing in civil rights litigation and neighborhood economic development, where he was an associate for three years from 1993 to 1996, then of counsel from 1996 to 2004. In 1994, he was listed as one of the lawyers in Buycks-Roberson v. Citibank Fed. Sav. Bank, 94 C 4094 (N.D. Ill.). This class action lawsuit was filed in 1994 with Selma Buycks-Roberson as lead plaintiff and alleged that Citibank Federal Savings Bank had engaged in practices forbidden under the Equal Credit Opportunity Act and the Fair Housing Act. The case was settled out of court. Final judgment was issued on May 13, 1998, with Citibank Federal Savings Bank agreeing to pay attorney fees. His law license became inactive in 2007.
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