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.
Deficit reduction means slowing the growth of spending and raising taxes. And nobody likes that. So you have to be telling the story of ... we're doing some short-run pain for long-run gain, but we're not doing too much of it, he says. And that's why I think we've done enough austerity for now..