Clinton defeated Republican incumbent George H. W. Bush and Texas billionaire Ross Perot, who ran as an Independent. Clinton seized upon the flagging economy, Bush’s dropping popularity numbers, and the fact that Bush broke his 1988 campaign promise of “no new taxes.” Clinton garnered 370 electoral votes to 168 for Bush. Perot did not win a single electoral vote, though he did capture nearly 20 percent of the popular vote. Clinton garnered 43 percent of the popular vote and Bush won 37.5 percent.