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.
When Mr. Obama talks about fiscal matters, he usually takes credit for cutting the deficit by two-thirds. He also is correct that annual budget deficits have fallen from $1.4 trillion in fiscal 2009, in the depths of the recession, to $439 billion in fiscal 2015.