In November 1986 Ronald Reagan said he had not traded arms for hostages. His approval fell from 67% to 46%, the largest single drop for any president. On March 4, 1987, he spoke from the Oval Office: “My heart and my best intentions still tell me that’s true; but the facts and the evidence tell me it is not.”
“There are reasons why it happened, but no excuses. It was a mistake. I take full responsibility for my own actions and for those of my Administration.” He named a new national security adviser, a new chief of staff and a nominee for CIA director. His approval recovered.