Reykjavík Summit Reykjavík Summit The Reykjavík Summit was a summit meeting between U.S. President Ronald Reagan and General Secretary of the Communist Party of the Soviet Union Mikhail Gorbachev, held in Höfði in Reykjavík, on 11–12 October 1986. The talks collapsed at the last minute, but the progress that had been achieved eventually resulted in the 1987 Intermediate-Range Nuclear Forces Treaty between the United States and the Soviet Union. In 1986, Gorbachev had proposed banning all ballistic missiles, but Reagan wanted to continue research on the Strategic Defense Initiative (SDI), which involved the militarization of outer space. Yet Soviet suspicion of SDI
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