President Obama was first inaugurated in January 2009, in the depths of the Great Recession and a severe financial crisis that began in 2007. His presidency continued the banking bailout and auto industry rescue begun by the George W. Bush administration and immediately enacted an $800 billion stimulus program, the American Recovery and Reinvestment Act of 2009 (ARRA), which included a blend of additional spending and tax cuts. By early 2011, the economy began creating jobs consistently each month, a trend which continued through the end of his tenure.