On This Day In 1987 — Reagan Admits Iran-Contra 'Mistakes' In SOTU

Jan. 27, 1987:

In his State of the Union address, President Ronald Reagan acknowledges that "serious mistakes were made" in his administration's decision to trade arms to Iran in a bid to release Americans held hostage. "It did not work, and for that I assume full responsibility."

Dealing with the Iran-Contra scandal will take up much of Reagan's second term in office.

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