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.
Reconciliation generally involves legislation that changes the budget deficit (or conceivably, the surplus). 1  The Byrd Rule (2 U.S.C. Â§ 644, named after Democratic Senator Robert Byrd) was adopted in 1985 and amended in 1990 to outline for which provisions reconciliation can and cannot be used.