/tiles/non-collection/s/speaker_oneill_2005_016_047.xmlCollection of the U.S. House of Representatives About this object
Republicans swept into the White House and took over the Senate after the 1980 elections. Democrats maintained a diminished House majority. President Ronald Reagan survived an assassination attempt and Congress quickly passed a series of tax and domestic spending cuts, deregulated certain industries, and added defense spending during the first session of the 97th Congress (1981–1983). But the resulting budget deficit led Congress to increase taxes and reduce the gap between spending and revenues during its second session.