A stagnant economy which became worse after the Panic of 1890, combined with a lack of support for then Representative William McKinley's (defeated in the election) steep tariff act, which favored large industries at the expense of consumers, led to a sharp defeat for Harrison's Republican Party, giving a large majority to the Democratic Party and presaging Harrison's defeat in the 1892 United States presidential election. The Republican-controlled Congress was highly criticized for its lavish spending, and it earned the unflattering nickname of The Billion Dollar Congress. Democrats promised to cut the outlandish budget.