During the government of Brian Mulroney (1984–1993), government spending on social programs was cut, taxes for individuals and businesses were reduced (but a new national tax appeared for nearly all goods and services), government intervention in the economy was significantly reduced, a free trade agreement was concluded with the United States, and Crown Corporations such as Teleglobe, Petro-Canada and Air Canada (some created by previous Conservative governments) were sold to both domestic and foreign private buyers (privatized). However, due to the failure of the Mulroney government to balance the budget and service debt, the federal debt continued to rise. It was not until the end of Mulroney's administration and the beginning of Jean Chrétien's Liberal government that the government's program of spending finally halted the growth in the federal debt.