When George H. W. Bush became president, the US government was deep in debt. Bush was forced to

The federal deficit was large when George H. W. Bush took office, and reducing it required agreement with Congress on the budget. Bush negotiated a budget compromise that included spending cuts and tax increases, despite his campaign promise of “no new taxes.” So he was forced to compromise with Congress, not resign or close banks.

AI-written and checked against the verified answer.