The Soviet Union broke up on 26 December 1991. Yeltsin's economic reform program took effect on 2 January 1992. Soon afterward prices skyrocketed, government spending was slashed, and heavy new taxes went into effect. A deep credit crunch shut down many industries and brought about a protracted depression. As a result, unemployment reached record levels. The program began to lose support; and the ensuing political confrontation between Yeltsin on the one side, and the opposition to radical economic reform on the other, became increasingly centered in the two branches of government.