What caused President H. W. Bush to abandon supply-side economic policies and increase taxes?

Question

Quizplus · Accepted Answer

The growing national debt and budget deficits were the main reason behind President H. W. Bush's abandonment of supply-side economics and decision to increase taxes in 1990. He believed that reducing the budget deficit was necessary to ensure economic stability and maintain the confidence of foreign creditors in the U.S. economy. The Tax Equity and Fiscal Responsibility Act of 1982 and the Omnibus Budget Reconciliation Act of 1990 were designed to address the budget deficit by increasing taxes and reducing spending.

What Caused President H