Iceland–United States relations to a number of the same international organizations, including the United Nations, the Organization for Security and Co-operation in Europe, Arctic Council, Organisation for Economic Co-operation and Development, International Monetary Fund, World Bank, and World Trade Organization. Only two U.S. presidents have visited Iceland whilst in office: Richard Nixon in 31 May-1 June 1973 and Ronald Reagan in 9–12 October 1986. President Richard Nixon was the first U.S. president to visit Iceland when he visited on 31 May - 1 June 1973. Reagan attended the Reykjavík Summit in 9–12 October 1986 with Soviet leader Mikhail Gorbachev. It was a highly
Presidency of Ronald Reagan programs and priorities that had dominated the national agenda since the 1930s. Domestically, the Reagan administration enacted a major tax cut, sought to cut non-military spending, and eliminated federal regulations. The administration's economic policies, known as "Reaganomics", were inspired by supply-side economics. The combination of tax cuts and an increase in defense spending led to budget deficits, and the federal debt increased significantly during Reagan's tenure. Reagan signed the Tax Reform Act of 1986 (which simplified the tax code by reducing rates and removing several tax breaks) and the Immigration Reform and Control Act of 1986 (which enacted sweeping changes