January 1, 1995, marked the beginning of a new year and was significant for various global events. It was the day when the World Trade Organization (WTO) officially came into existence, replacing the General Agreement on Tariffs and Trade (GATT). This change aimed to enhance international trade and economic cooperation among member countries. In the United States, January 1, 1995, was also notable for the implementation of the 1995 budget agreement, which included tax cuts and spending changes. This agreement was part of ongoing discussions about fiscal policy and aimed to address the federal budget deficit.