After stepping down from Bain Capital and his local leadership role in the LDS Church, Romney ran as the Republican candidate in the 1994 United States Senate election in Massachusetts. After losing to 5-term incumbent Ted Kennedy, he resumed his position at Bain Capital. Years later, a successful stint as president and CEO of the then-struggling Salt Lake Organizing Committee for the 2002 Winter Olympics led to a re-launch of his political career. Elected Governor of Massachusetts in 2002, Romney helped develop and later signed a health care reform law (commonly referred to as "Romneycare") that provided near-universal health insurance access through state-level subsidies and individual mandates to purchase insurance. He also presided over the elimination of a projected $1.2–1.5 billion deficit through a combination of spending cuts, increased fees and closing corporate tax loopholes. He did not seek re-election in 2006, instead focusing on his campaign for the Republican nomination in the 2008 U.S. presidential election. Though he won several primaries and caucuses, Romney ultimately lost the nomination to Senator John McCain. Romney's considerable net worth, estimated in 2012 at $190–250 million, helped finance his political campaigns prior to 2012. Romney again ran for and won the Republican presidential nomination in 2012, becoming the first Mormon to be a presidential nominee of a major party. He was defeated by incumbent Democratic President Barack Obama in the 2012 presidential election, losing the Electoral College by a margin of 206–332 and the popular vote by a margin of 47–51%.