Major Events
- January 20, 1985: Ronald Reagan was privately sworn in for a second term as U.S. President (publicly sworn in, January 21).
- January 28, 1986: Space Shuttle Challenger disaster: Destruction of the shuttle and death of the crew shortly after lift-off.
- April 15, 1986: Operation El Dorado Canyon: At least 15 people die after United States planes bomb targets in the Libyan capital, Tripoli, and the Benghazi region.
- October 21, 1986: The Marshall Islands achieved independence from U.S.-administered UN Trusteeship and became an associated state under the Compact of Free Association.
- November 3, 1986: The Federated States of Micronesia achieved independence from U.S.-administered UN Trusteeship and became an associated state under the Compact of Free Association.
- November 3, 1986: Iran–Contra affair: The Lebanese magazine Ash-Shiraa reported that the United States has been selling weapons to Iran in secret to secure the release of American hostages held by pro-Iranian groups in Lebanon.
- November 4, 1986: United States general elections, 1986: Congressional Democrats regained (+8) their Senate majority (55-45), and slightly increased (+5) their House majority (258-177).
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