George H.W. Bush was the 41st president of the United States, Vice President under Ronald Reagan, a Republican, and father of future president George W. Bush. He only served one term, losing reelection to Bill Clinton. Clinton's victory marked the end of a twelve-year period of Republican control over the presidency.
Despite losing reelection, Bush enjoyed several major successes in foreign affairs. He presided over the reunification of Germany, end of the Cold War, collapse of the Soviet Union, and a successful military operation in Panama. His biggest victory was a successful and short war with Iraq in response to an invasion of Kuwait. This conflict became known as the First Gulf War.
On economic issues, however, Bush didn't do as well. The debt continued to rise quickly and the United States was suffering major budget deficits. Thanks to this and a recession late in his term, Bush found himself forced to raise taxes, breaking his promise of "Read My Lips: No New Taxes". Although the move cost him reelection, it was a good idea as it softened the blow of the recession.