2008 Presidential Election
In February 2007, Obama made headlines when he announced his candidacy for the 2008 Democratic presidential nomination. He was locked in a tight battle with former first lady and then-U.S. senator from New York Hillary Rodham Clinton. On June 3, 2008, Obama became the Democratic Party's presumptive nominee after winning a sufficient number of pledged delegates during the primaries, and Clinton delivered her full support to Obama for the duration of his campaign. On November 4, 2008, Barack Obama defeated Republican presidential nominee John McCain, 52.9 percent to 45.7 percent, to win election as the 44th president of the United States—and the first African-American to hold this office. His running mate, Delaware Senator Joe Biden, became vice president. Obama's inauguration took place on January 20, 2009.
When Obama took office, he inherited a global economic recession, two ongoing foreign wars and the lowest-ever international favorability rating for the United States. He campaigned on an ambitious agenda of financial reform, alternative energy and reinventing education and health care—all while bringing down the national debt. Because these issues were intertwined with the economic well-being of the nation, he believed all would have to be undertaken simultaneously. During his inauguration speech, Obama summarized the situation by saying, "Today I say to you that the challenges we face are real. They are serious and they are many. They will not be met easily or in a short span of time. But know this, America: They will be met."