In 1988, Bush ran a successful campaign to succeed Reagan as President, defeating Democratic opponent Michael Dukakis. Foreign policy drove the Bush presidency: military operations were conducted in Panama and the Persian Gulf; the Berlin Wall fell in 1989, and the Soviet Union dissolved two years later. Domestically, Bush reneged on a 1988 campaign promise and, after a struggle with Congress, signed an increase in taxes that Congress had passed. In the wake of a weak recovery from an economic recession, along with continuing budget deficits, he lost the 1992 presidential election to Democrat Bill Clinton.
Bush left office in 1993. His presidential library was dedicated in 1997, and he has been active—often alongside Bill Clinton—in various humanitarian activities. Bush's eldest son, George W. Bush, later served as the 46th Governor of Texas (1995–2000) and as the 43rd President of the United States (2001–09), becoming one of only two presidents—the other being John Quincy Adams—to be the son of a former president. His second son, Jeb Bush, served as the 43rd Governor of Florida (1999–2007) and is currently running for president.