Free trade: Free trade, a policy by which a government does not discriminate against imports or interfere with exports by applying tariffs (to imports) or subsidies (to exports). a
Deficit Reduction Act 2005 Law and Legal Definition. The Deficit Reduction Act of 2005 is a United States Act of Congress concerning the budget. It addresses deficit reductions ranging from education to housing and Medicare to Medicaid. It was signed into law by President Bush on February 8, 2006 after a closely divided Congress approved the legislation.
Because of an editing error, an article on Monday misstated the central fiscal goal of President Obamaâs newly proposed budget plan. The plan calls for reducing the budget deficit by $3 trillion over 10 years, half of it from tax increases and half from spending cuts. It would not cut spending by $3 trillion.The article also misstated the deadline by which a bipartisan Congressional committee must come up with its own cuts.ontinue reading the main story. WASHINGTON â President Obama will unveil a plan on Monday that uses entitlement cuts, tax increases and war savings to reduce the federal deficit by more than $3 trillion over the next 10 years, administration officials said.