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.
The Balanced Budget Act signed into law by the President on August 5, 1997 contains the largest reductions in federal Medicaid spending in Medicaid since 1981. The legislation is projected to achieve gross federal Medicaid savings of $17 billion over the next five years and $61.4 billion over the next ten years.