Ronald Reagan He also strongly advocated the Republican ideal of less government regulation of the economy, including that of undue federal taxation. Reagan did not seek re-election to a third term as governor in 1974; he was succeeded by the Secretary of State, Democrat Jerry Brown, who took office on January 6, 1975. In 1976, Reagan challenged incumbent President Gerald Ford in a bid to become the Republican Party's candidate for president. Reagan soon established himself as the conservative candidate with the support of like-minded organizations such as the American Conservative Union, which became key components of his political base, while Ford
Political positions of Ronald Reagan growing national debt and budget deficit. In order to cover the growing federal budget deficits and the decreased revenue that resulted from the cuts, the U.S. borrowed heavily both domestically and abroad, raising the national debt from $1.1 trillion to $2.7 trillion. Reagan described the new debt as the "greatest disappointment" of his presidency. Reagan was a supporter of free trade. When running for President in 1979, Reagan proposed a "North American accord", in which goods could move freely throughout the U.S., Canada and Mexico. Largely dismissed then, Reagan was serious in his proposal and once in office he signed